ImmoDG
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 38 filings
Turnover
≈ €55,000
Estimated: probably between €41,000 and €80,000
Total assets
€375,118▲ 2.4%
2024 · €366,393
Net result
€11,319▼ 26.7%
2024 · €15,445
Working capital
-€45,876▲ 70.4%
2024 · -€155,058
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,933
2025
20182025
Net result
€11,319
▼ 26.7%
2025
middle half of the sector
20182025
Equity
€179,116
▲ 6.7%
2025
middle half of the sector
20182025
Total assets
€375,118
▲ 2.4%
2025
middle half of the sector
20182025
Debt
€154,640
▼ 0.7%
2025
20182025
Working capital
-€45,876
▲ 70.4%
2025
middle half of the sector
20182025
Solvency
47.7%
▲ 2.0pp
2025
middle half of the sector
20182025
Current ratio
0.34
▲ 0.34
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.0%
▼ 1.2pp
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
Operating result-€15,114--€17,764▼ 17.5%€159,063-€8,136-€4,953▲ 39.1%€1,774-€32,912€12,933
Net result€11,342--€21,044€114,464above the sector's middle half-€8,923below the sector's middle half-€5,682within the sector's middle half▲ 36.3%€1,132within the sector's middle half€15,445within the sector's middle half▲ 14×€11,319within the sector's middle half▼ 26.7%
Equity€72,405-€51,361▼ 29.1%€165,825within the sector's middle half▲ 223%€156,902within the sector's middle half▼ 5.4%€151,220within the sector's middle half▼ 3.6%€152,352within the sector's middle half▲ 0.7%€167,797within the sector's middle half▲ 10.1%€179,116within the sector's middle half▲ 6.7%
Total assets€232,201-€195,874▼ 15.6%€325,474within the sector's middle half▲ 66.2%€304,996within the sector's middle half▼ 6.3%€288,587within the sector's middle half▼ 5.4%€274,661within the sector's middle half▼ 4.8%€366,393within the sector's middle half▲ 33.4%€375,118within the sector's middle half▲ 2.4%
Debt€159,796-€144,513▼ 9.6%€116,854▼ 19.1%€105,298▼ 9.9%€94,572▼ 10.2%€79,513▼ 15.9%€155,809▲ 96.0%€154,640▼ 0.7%
Working capital-€49,248--€55,763▼ 13.2%€115,150above the sector's middle half€107,408within the sector's middle half▼ 6.7%€108,156within the sector's middle half▲ 0.7%€109,822within the sector's middle half▲ 1.5%-€155,058below the sector's middle half-€45,876within the sector's middle half▲ 70.4%
Solvency31.2%-26.2%▼ 5.0pp50.9%within the sector's middle half▲ 24.7pp51.4%within the sector's middle half▲ 0.5pp52.4%within the sector's middle half▲ 1.0pp55.5%within the sector's middle half▲ 3.1pp45.8%within the sector's middle half▼ 9.7pp47.7%within the sector's middle half▲ 2.0pp
Current ratio0.50-0.41▼ 0.092.50within the sector's middle half▲ 2.092.42within the sector's middle half▼ 0.082.45within the sector's middle half▲ 0.032.60within the sector's middle half▲ 0.150.00below the sector's middle half▼ 2.590.34below the sector's middle half▲ 0.34
Return on assets (ROA)4.9%--10.7%▼ 15.6pp35.2%above the sector's middle half▲ 45.9pp-2.9%below the sector's middle half▼ 38.1pp-2.0%within the sector's middle half▲ 1.0pp0.4%within the sector's middle half▲ 2.4pp4.2%within the sector's middle half▲ 3.8pp3.0%within the sector's middle half▼ 1.2pp
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 a profit of €12,933, after a loss of €32,912 in 2024. It is the highest result since 2021.
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 €375,118
Fixed assets
€351,284 ▼ 3.9%
Current assets
€23,834 ▲ 32×
Equity and liabilities €375,118
Equity
€179,116 ▲ 6.7%
Provisions
€41,361 ▼ 3.3%
Debt
€154,640 ▼ 0.7%
Debt's share of the balance-sheet total falls from 42.5% to 41.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,366▲
2024 · -€24,069
Cash flow
€28,752▲
2024 · €24,289
Debt to equity
0.86▼
2024 · 0.93
ROE
6.3%▼
2024 · 9.2%
Interest coverage
9.99▲
2024 · -79.46
Debt ≤ 1 year
€69,710▼
2024 · €155,809
Debt > 1 year
€84,931▲
2024 · €0
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,042 | - | €1,340 | €313,195 | €3,074 |
| Depreciation and write-downs of the year | €17,624 | €16,276 | €11,162 | €8,844 | €17,433 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | €24,795 | €25,613 | €23,508 | €17,624 | €16,276 | €11,162 | €8,844 | €17,433 | ▲ 97.1% |
| Other operating charges640/8 | - | - | - | €1,537 | €1,574 | €1,735 | €1,598 | €3,345 | ▲ 109% |
| Non-recurring operating charges66A | - | - | - | €15 | - | - | €34,747 | - | - |
| Gross operating margin9900 | €12,509 | €10,334 | €184,156 | €11,040 | €12,898 | €14,671 | €12,276 | €33,711 | ▲ 175% |
| Operating profit (loss)9901 | -€15,114 | -€17,764 | €159,063 | -€8,136 | -€4,953 | €1,774 | -€32,912 | €12,933 | - |
| Financial income75/76B | - | - | - | - | - | €1 | €48,652 | - | - |
| Recurring financial income75 | - | - | €0 | - | - | €1 | €48,652 | - | - |
| Financial charges65/66B | - | - | - | €590 | €515 | €406 | €303 | €3,040 | ▲ 904% |
| Recurring financial charges65 | €3,370 | €2,974 | €2,548 | €590 | €515 | €406 | €303 | €3,040 | ▲ 904% |
| Profit (loss) for the period before taxes9903 | -€18,484 | -€20,738 | €156,516 | -€8,725 | -€5,468 | €1,368 | €15,437 | €9,893 | ▼ 35.9% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €8 | €1,427 | ▲ 183× |
| Income taxes67/77 | €14,818 | €306 | -€744 | €197 | €214 | €235 | - | - | - |
| Profit (loss) for the period9904 | €11,342 | -€21,044 | €114,464 | -€8,923 | -€5,682 | €1,132 | €15,445 | €11,319 | ▼ 26.7% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €23 | €4,280 | ▲ 183× |
| Profit (loss) for the period to be appropriated9905 | €98,040 | -€21,044 | -€13,922 | -€8,923 | -€5,682 | €1,132 | €15,468 | €15,599 | ▲ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €232,201 | €195,874 | €325,474 | €304,996 | €288,587 | €274,661 | €366,393 | €375,118 | ▲ 2.4% |
| Fixed assets21/28 | €181,969 | €156,356 | €133,719 | €122,137 | €105,861 | €96,039 | €365,643 | €351,284 | ▼ 3.9% |
| Tangible fixed assets22/27 | €181,882 | €156,270 | €133,632 | €122,050 | €105,774 | €95,952 | €365,643 | €351,284 | ▼ 3.9% |
| Land and buildings22 | - | - | - | €122,050 | €105,774 | €95,952 | €365,643 | €351,284 | ▼ 3.9% |
| Financial fixed assets28 | €87 | €87 | €87 | €87 | €87 | €87 | - | - | - |
| Current assets29/58 | €50,232 | €39,518 | €191,756 | €182,859 | €182,727 | €178,622 | €750 | €23,834 | ▲ 32× |
| Amounts receivable within one year40/41 | - | €40 | €40 | - | - | - | - | - | - |
| Current investments50/53 | - | - | - | €150,000 | €150,000 | €150,000 | - | - | - |
| Cash at bank and in hand54/58 | €49,395 | €39,081 | €191,302 | €32,859 | €32,727 | €28,343 | €678 | €23,834 | ▲ 35× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €279 | €72 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €232,201 | €195,874 | €325,474 | €304,996 | €288,587 | €274,661 | €366,393 | €375,118 | ▲ 2.4% |
| Equity10/15 | €72,405 | €51,361 | €165,825 | €156,902 | €151,220 | €152,352 | €167,797 | €179,116 | ▲ 6.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €48,460 | €48,460 | €176,846 | €176,846 | €176,846 | €176,846 | €176,823 | €160,516 | ▼ 9.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €128,386 | €128,386 | €128,386 | €128,363 | €124,083 | ▼ 3.3% |
| Distributable reserves133 | - | - | - | €46,600 | €46,600 | €46,600 | €48,460 | €36,433 | ▼ 24.8% |
| Profit (loss) carried forward14 | €5,345 | -€15,699 | -€29,621 | -€38,544 | -€44,226 | -€43,094 | -€27,626 | - | - |
| Provisions and deferred taxes16 | - | - | €42,795 | €42,795 | €42,795 | €42,795 | €42,788 | €41,361 | ▼ 3.3% |
| Deferred taxes168 | - | - | - | €42,795 | €42,795 | €42,795 | €42,788 | €41,361 | ▼ 3.3% |
| Amounts payable17/49 | €159,796 | €144,513 | €116,854 | €105,298 | €94,572 | €79,513 | €155,809 | €154,640 | ▼ 0.7% |
| Amounts payable after more than one year17 | €60,316 | €49,232 | €40,248 | €29,847 | €20,001 | €10,053 | €0 | €84,931 | - |
| Financial debts170/4 | - | - | - | €29,847 | €20,001 | €10,053 | €0 | €84,931 | - |
| Amounts payable within one year42/48 | €99,481 | €95,281 | €76,606 | €75,452 | €74,571 | €68,800 | €155,809 | €69,710 | ▼ 55.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,743 | €9,845 | €9,948 | €10,053 | €8,731 | ▼ 13.2% |
| Trade debts44 | €121 | €131 | €293 | - | €877 | €877 | €1,363 | €3,647 | ▲ 168% |
| Suppliers440/4 | - | - | - | - | €877 | €877 | €1,363 | €3,647 | ▲ 168% |
| Taxes, remuneration and social security45 | - | - | - | €197 | €214 | €449 | €235 | - | - |
| Taxes450/3 | - | - | - | €197 | €214 | €449 | €235 | - | - |
| Other amounts payable47/48 | - | - | - | €65,511 | €63,634 | €57,526 | €144,157 | €57,332 | ▼ 60.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €660 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,342 | -€21,044 | €114,464 | -€8,923 | -€5,682 | €1,132 | €15,445 | €11,319 | ▼ 26.7% |
| + Depreciation and write-downs630 | €24,795 | €25,613 | €23,508 | €17,624 | €16,276 | €11,162 | €8,844 | €17,433 | ▲ 97.1% |
| Operating cash flow (approximation) | €36,136 | €4,569 | €137,972 | €8,701 | €10,594 | €12,294 | €24,289 | €28,752 | ▲ 18.4% |
| Investment in fixed assets (approximation) | - | €0 | -€870 | -€6,042 | €0 | -€1,340 | -€278,448 | -€3,074 | ▲ 98.9% |
| Change in cash | - | -€10,314 | €152,221 | -€158,443 | -€133 | -€4,384 | -€27,665 | €23,156 | - |
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, 17,041 companies had the same profile as ImmoDG has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
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 ImmoDG itself: 0.4% 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 17,041 companies, not a prediction for ImmoDG. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00243941 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00480971 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00295926 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00180877 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20133287 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-29600512 | |
| 31-12-2019 | micro format | 17-08-2020 | 2020-41300487 | |
| 31-12-2018 | micro format | 11-08-2019 | 2019-45600124 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37600589 | |
| 31-12-2016 | micro format | 10-08-2017 | 2017-42100336 |