IMMODAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 40 filings
Turnover
€449,963▼ 13.9%
2024 · €522,713
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€657,605▼ 90.8%
2024 · €7.1m
Working capital
€9.4m▼ 17.7%
2024 · €11.4m
In the rankings
#3 company by total assets in Wortegem-Petegem, Real estate sector#3 company by equity in Wortegem-Petegem, Real estate sector#5 oldest company in Wortegem-Petegem, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€449,963
▼ 13.9%
2025
20182025
Operating result
€795,347
▼ 91.7%
2025
20182025
Net result
€657,605
▼ 90.8%
2025
highest quarter of the sector
20182025
Equity
€29.2m
▲ 210%
2025
highest quarter of the sector
20182025
Total assets
€33.1m
▲ 126%
2025
highest quarter of the sector
20182025
Debt
€1.7m
▼ 42.7%
2025
20182025
Working capital
€9.4m
▼ 17.7%
2025
highest quarter of the sector
20182025
Solvency
88.0%
▲ 23.7pp
2025
highest quarter of the sector
20182025
Current ratio
25.44
▼ 4.09
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.0%
▼ 46.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.4m-€0.5m▲ 9.5%€0.5m▲ 3.3%€0.5m▲ 2.8%€0.5m▲ 1.5%€0.5m▲ 0.1%€0.5m▲ 5.2%€0.4m▼ 13.9%
Operating result€0.1m-€0.1m▲ 2.3%€0.2m▲ 36.8%€0.1m▼ 11.1%€0.2m▲ 18.1%€0.1m▼ 36.1%€9.5m▲ 84×€0.8m▼ 91.7%
Net result€0.07m-€0.06m▼ 9.6%€0.1mwithin the sector's middle half▲ 68.5%€0.09mwithin the sector's middle half▼ 14.8%€0.1mwithin the sector's middle half▲ 26.5%€3.0mabove the sector's middle half▲ 26×€7.1mabove the sector's middle half▲ 135%€0.7mabove the sector's middle half▼ 90.8%
Equity€4.3m-€4.4m▲ 1.6%€4.5mabove the sector's middle half▲ 2.5%€4.6mabove the sector's middle half▲ 2.1%€4.7mabove the sector's middle half▲ 2.6%€3.7mabove the sector's middle half▼ 20.7%€9.4mabove the sector's middle half▲ 154%€29.2mabove the sector's middle half▲ 210%
Total assets€6.6m-€6.8m▲ 2.5%€6.7mwithin the sector's middle half▼ 2.0%€6.5mwithin the sector's middle half▼ 3.2%€6.3mwithin the sector's middle half▼ 2.8%€6.0mwithin the sector's middle half▼ 3.9%€14.6mabove the sector's middle half▲ 143%€33.1mabove the sector's middle half▲ 126%
Debt€2.3m-€2.4m▲ 4.5%€2.2m▼ 10.0%€1.9m▼ 13.8%€1.6m▼ 15.9%€2.3m▲ 46.3%€2.9m▲ 27.1%€1.7m▼ 42.7%
Working capital-€0.2m--€0.1m▲ 34.9%€0.07mwithin the sector's middle half€0.06mwithin the sector's middle half▼ 12.2%€0.1mwithin the sector's middle half▲ 105%-€0.5mbelow the sector's middle half€11.4mabove the sector's middle half€9.4mabove the sector's middle half▼ 17.7%
Solvency64.6%-64.1%▼ 0.5pp67.0%above the sector's middle half▲ 3.0pp70.7%above the sector's middle half▲ 3.6pp74.6%above the sector's middle half▲ 3.9pp61.6%within the sector's middle half▼ 13.1pp64.3%within the sector's middle half▲ 2.8pp88.0%above the sector's middle half▲ 23.7pp
Current ratio0.60-0.74▲ 0.131.16within the sector's middle half▲ 0.421.16within the sector's middle half=1.42within the sector's middle half▲ 0.260.58within the sector's middle half▼ 0.8329.53above the sector's middle half▲ 28.9525.44above the sector's middle half▼ 4.09
Return on assets (ROA)1.1%-1.0%▼ 0.1pp1.6%within the sector's middle half▲ 0.7pp1.4%within the sector's middle half▼ 0.2pp1.9%within the sector's middle half▲ 0.4pp50.3%above the sector's middle half▲ 48.4pp48.7%above the sector's middle half▼ 1.5pp2.0%within the sector's middle half▼ 46.8pp
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 92% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33.1m
Fixed assets
€23.3m ▲ 735%
Current assets
€9.8m ▼ 17.3%
Equity and liabilities €33.1m
Equity
€29.2m ▲ 210%
Provisions
€2.3m ▼ 0.2%
Debt
€1.7m ▼ 42.7%
Debt's share of the balance-sheet total falls from 20.0% to 5.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€884,598▼
2024 · €9.6m
Cash flow
€746,856▼
2024 · €7.2m
Debt to equity
0.06▼
2024 · 0.31
ROE
2.3%▼
2024 · 75.8%
Interest coverage
48.31▼
2024 · over 100
Debt ≤ 1 year
€385,184▼
2024 · €401,151
Debt > 1 year
€666,609▼
2024 · €819,439
Income taxes
€232,799▲
2024 · €114,181
Customer credit
83 days▲
2024 · 5 days
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 | €1.6m | €1.3m | €1.1m | €971,382 | €819,438 |
| Mortgage mandates | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m |
| Carrying value of the mortgaged assets | €4.6m | €4.5m | €4.4m | €2.8m | €2.7m |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €100 |
| Depreciation and write-downs of the year | €104,434 | €104,434 | €104,434 | €88,946 | €89,251 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €1,200 | €1,350 | €1,350 | €1,350 | €2,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 · 1 entry · €4,378 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.6m | €0.6m | €0.6m | €10.1m | €1.6m | ▼ 83.8% |
| Turnover70 | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 13.9% |
| Other operating income74 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.3m | ▲ 399% |
| Non-recurring operating income76A | - | - | - | - | - | - | €9.5m | €0.8m | ▼ 91.1% |
| Operating charges60/66A | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.8m | ▲ 53.2% |
| Services and other goods61 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.6m | ▲ 116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▲ 0.3% |
| Other operating charges640/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 43.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.08m | - | - |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | €9.5m | €0.8m | ▼ 91.7% |
| Financial income75/76B | - | - | - | €0.01m | €0.009m | €3.0m | €0.02m | €0.1m | ▲ 394% |
| Recurring financial income75 | €0.01m | €0.009m | €0.01m | €0.01m | €0.009m | €0.007m | €0.02m | €0.1m | ▲ 394% |
| Income from financial fixed assets750 | - | - | - | €0.01m | €0.009m | €0.007m | €0.02m | €0.1m | ▲ 394% |
| Other financial income752/9 | - | - | - | €95 | - | - | - | - | - |
| Non-recurring financial income76B | - | - | - | - | - | €3.0m | - | - | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 18.9% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 18.9% |
| Debt charges650 | €0.03m | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 22.3% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 78.8% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | €3.1m | €9.5m | €0.9m | ▼ 90.7% |
| Transfer from deferred taxes780 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €2.3m | - | - |
| Income taxes67/77 | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | €0.03m | €0.1m | €0.2m | ▲ 104% |
| Taxes670/3 | - | - | - | €0.04m | €0.04m | €0.03m | €0.1m | €0.2m | ▲ 104% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €241 | - | - | - |
| Profit (loss) for the period9904 | €0.07m | €0.06m | €0.1m | €0.09m | €0.1m | €3.0m | €7.1m | €0.7m | ▼ 90.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €6.8m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.08m | €0.1m | €0.1m | €0.1m | €3.0m | €0.3m | €0.7m | ▲ 120% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.6m | €6.8m | €6.7m | €6.5m | €6.3m | €6.0m | €14.6m | €33.1m | ▲ 126% |
| Fixed assets21/28 | €6.4m | €6.5m | €6.2m | €6.0m | €5.8m | €5.3m | €2.8m | €23.3m | ▲ 735% |
| Tangible fixed assets22/27 | €5.1m | €5.0m | €4.7m | €4.6m | €4.5m | €4.4m | €2.8m | €21.8m | ▲ 680% |
| Land and buildings22 | - | - | - | €4.6m | €4.5m | €4.4m | €2.8m | €21.8m | ▲ 680% |
| Financial fixed assets28 | €1.3m | €1.5m | €1.4m | €1.4m | €1.3m | €0.9m | - | €1.5m | - |
| Affiliated companies280/1 | - | - | - | €1.4m | €1.3m | €0.9m | - | €1.5m | - |
| Participating interests280 | - | - | - | €1.0m | €1.0m | - | - | €100 | - |
| Amounts receivable281 | - | - | - | €0.4m | €0.3m | €0.9m | - | €1.5m | - |
| Current assets29/58 | €0.3m | €0.3m | €0.5m | €0.5m | €0.4m | €0.7m | €11.8m | €9.8m | ▼ 17.3% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.5m | €11.4m | €5.0m | ▼ 56.4% |
| Trade receivables40 | - | - | - | €0.004m | €0.005m | €0.002m | €0.008m | €0.1m | ▲ 13× |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.5m | €11.4m | €4.9m | ▼ 57.3% |
| Current investments50/53 | - | - | - | - | - | - | - | €4.3m | - |
| Other investments51/53 | - | - | - | - | - | - | - | €4.3m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.4m | €0.3m | €0.2m | €0.2m | €0.4m | €0.5m | ▲ 15.6% |
| Deferred charges and accrued income490/1 | - | - | - | €494 | - | €0.04m | €494 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.6m | €6.8m | €6.7m | €6.5m | €6.3m | €6.0m | €14.6m | €33.1m | ▲ 126% |
| Equity10/15 | €4.3m | €4.4m | €4.5m | €4.6m | €4.7m | €3.7m | €9.4m | €29.2m | ▲ 210% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Revaluation surpluses12 | - | - | - | €1.6m | €1.6m | €1.6m | €0.2m | €19.3m | ▲ 105× |
| Reserves13 | €2.1m | €2.2m | €2.3m | €2.4m | €2.5m | €1.5m | €8.7m | €9.3m | ▲ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.04m | €0.03m | €6.9m | €6.8m | ▼ 0.2% |
| Distributable reserves133 | - | - | - | €2.3m | €2.4m | €1.5m | €1.8m | €2.4m | ▲ 38.0% |
| Provisions and deferred taxes16 | €0.04m | €0.03m | €0.02m | €0.02m | €0.01m | €0.009m | €2.3m | €2.3m | ▼ 0.2% |
| Deferred taxes168 | - | - | - | €0.02m | €0.01m | €0.009m | €2.3m | €2.3m | ▼ 0.2% |
| Amounts payable17/49 | €2.3m | €2.4m | €2.2m | €1.9m | €1.6m | €2.3m | €2.9m | €1.7m | ▼ 42.7% |
| Amounts payable after more than one year17 | €1.8m | €1.9m | €1.6m | €1.3m | €1.1m | €1.0m | €0.8m | €0.7m | ▼ 18.7% |
| Financial debts170/4 | - | - | - | €1.3m | €1.1m | €1.0m | €0.8m | €0.7m | ▼ 18.7% |
| Credit institutions173 | - | - | - | €1.3m | €1.1m | €1.0m | €0.8m | €0.7m | ▼ 18.7% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €1.3m | €0.4m | €0.4m | ▼ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.6% |
| Financial debts43 | - | - | - | - | - | €0.01m | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0.01m | - | - | - |
| Trade debts44 | €0.05m | €0.06m | €0.1m | €0.08m | €0.07m | €0.08m | €0.1m | €0.2m | ▲ 35.9% |
| Suppliers440/4 | - | - | - | €0.08m | €0.07m | €0.08m | €0.1m | €0.2m | ▲ 35.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.01m | €0.1m | €0.05m | ▼ 55.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.01m | €0.1m | €0.05m | ▼ 55.6% |
| Other amounts payable47/48 | - | - | - | €0.001m | - | €1.0m | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.08m | €1.7m | €0.6m | ▼ 63.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.06m | €0.1m | €0.09m | €0.1m | €3.0m | €7.1m | €0.7m | ▼ 90.8% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▲ 0.3% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €3.1m | €7.2m | €0.7m | ▼ 89.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | €0.2m | €0.05m | €0.06m | €0.4m | €2.4m | -€20.6m | - |
| Change in cash | - | €0.05m | €0.2m | -€0.09m | -€0.01m | -€0.04m | €0.2m | €0.07m | ▼ 70.9% |
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, 513 companies had the same profile as IMMODAN has now. Two years later, 96.1% were still going and 0.8% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.1%
was still going
3.1%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of IMMODAN 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 513 companies, not a prediction for IMMODAN. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-06-2026 | 2026-00219106 | |
| 31-12-2024 | full format | 03-07-2025 | 2025-00228375 | |
| 31-12-2023 | full format | 08-07-2024 | 2024-00218783 | |
| 31-12-2022 | full format | 11-07-2023 | 2023-00227994 | |
| 31-12-2021 | full format | 15-06-2022 | 2022-20068667 | |
| 31-12-2020 | full format | 07-07-2021 | 2021-32300103 | |
| 31-12-2019 | full format | 08-07-2020 | 2020-27100546 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-26200520 | |
| 31-12-2017 | full format | 04-07-2018 | 2018-27500532 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-20500423 |