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
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 92% lower than in 2024.
Turnover€0.4m
2025
Operating result€0.8m
2025
Net result€0.7m
2025
Total assets€33.1m
2025
Equity€29.2m
2025
Debt€1.7m
2025
Working capital€9.4m
2025
Return on assets (ROA)2.0%
2025
Solvency88.0%
2025
Current ratio25.44
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
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.
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.
Comparable companies
These companies have the same main activity as IMMODAN: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €21m and €53m, founded between 1987 and 1998.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| IMMODAN Wortegem-Petegem | 1985 | €33.1m | €29.2m | - | €0.4m | €0.7m | - | 2025 |
| CARLTON Gent | 1990 | €20.9m | €14.5m | - | €0.7m | €0.3m | 1.8 | 2025 |
| BURCO EUROPE Brussel | 1989 | €39.7m | €25.4m | - | €0.9m | €1.7m | 3 | 2025 |
| HUDEMA Namur | 1987 | €53.3m | €26.4m | €0.8m | €0.9m | €1.0m | 0.2 | 2025 |
| VLAVER - INVEST Schilde | 1991 | €25.9m | €4.0m | - | €0.2m | -€0.4m | - | 2025 |
| LANDI PROJECTONTWIKKELING Maasmechelen | 1997 | €21.1m | €15.6m | €0.2m | €0.4m | €1.5m | - | 2025 |
| PARC DE L'ALLIANCE Brussel | 1998 | €38.5m | €17.0m | - | €0.2m | -€0.1m | - | 2025 |
They were chosen from the 7,757 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 513 companies had the same profile as IMMODAN has now. Two years later, 0.8% had gone bankrupt and 96.1% were still going.
- Large
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.8%
went bankrupt
3.1%
stopped otherwise
96.1%
was still going
That fits the bankruptcy probability of IMMODAN itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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.
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.
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 | NBB |
| 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 |