IMMOFFSET
ActiveSummary
IMMOFFSET has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €442,634 and a net result of €55,162. Equity is growing by about 12% per year across the filed financial years. Its solvency ranks better than 86% of 838 sector peers (NACE 73, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €442,634
- Profit
- €55,162
- Parent
- VALECO · 100%
- Holdings
- 2
- VALECODirector · permanent representative PIRSON Etienne Jean Arlette Gilbert Marie
Why 96raises riskProfit of €55,162 (financial year 2025)lowers riskEquity €442,634 (87.5% of total assets)Founded in 1992Figures for financial year 2025 (filed 29-07-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 73, micro): better than 87% on solvency, 54% on liquidity, 57% on profitability and 65% on growth.
The bankruptcy probability was computed on 25-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 19 days after the deadline; the sector median (NACE 73) for financial year 2024 is 6 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Liquidity doublescurrent ratio 1.93
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen four years in a row; 2025 is 30% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 73, Advertising, market research and public relations activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
- 2025 Net result -83% on 2024. Partial demerger to VALECO, Official Gazette 04-03-2025.
- 2024 Net result +187% on 2023. The accounts now follow the full format, last year the micro format.
Peer companies
Historical observationOf the 20,139 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95.0% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,139 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,234 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €69,535 | €70,443 | €56,084 | €6,911 | €1,931 | €1,931 | €1,931 | €1,931 | = |
| Other operating charges640/8 | - | - | - | €99,210 | €115,037 | €140,342 | €145,121 | €149,279 | ▲ 2.9% |
| Gross operating margin9900 | €117,402 | €210,908 | €340,515 | €368,138 | €282,648 | €301,053 | €268,284 | €235,894 | ▼ 12.1% |
| Operating profit (loss)9901 | -€42,027 | €48,695 | €191,830 | €262,018 | €165,680 | €158,781 | €121,233 | €84,684 | ▼ 30.1% |
| Financial income75/76B | - | - | - | - | - | - | €236,984 | - | - |
| Recurring financial income75 | €1,042 | €1,042 | €1,042 | - | - | - | €236,984 | - | - |
| Financial charges65/66B | - | - | - | €4,154 | €3,414 | €2,486 | €1,564 | €696 | ▼ 55.5% |
| Recurring financial charges65 | €15,108 | €11,813 | €6,926 | €4,154 | €3,414 | €2,486 | €1,564 | €696 | ▼ 55.5% |
| Profit (loss) for the period before taxes9903 | -€56,093 | €25,506 | €185,946 | €257,863 | €162,267 | €156,295 | €356,653 | €83,989 | ▼ 76.5% |
| Income taxes67/77 | - | - | - | €41,029 | €43,368 | €41,983 | €29,100 | €28,827 | ▼ 0.9% |
| Profit (loss) for the period9904 | -€56,093 | €25,506 | €185,946 | €216,834 | €118,899 | €114,311 | €327,553 | €55,162 | ▼ 83.2% |
| Profit (loss) for the period to be appropriated9905 | -€56,093 | €25,506 | €185,946 | €216,834 | €118,899 | €114,311 | €327,553 | €55,162 | ▼ 83.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.1m | €2.0m | €2.1m | €2.1m | €2.1m | €0.5m | €0.5m | ▼ 6.0% |
| Fixed assets21/28 | €2.1m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €0.4m | €0.4m | ▼ 0.5% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.5% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.5% |
| Financial fixed assets28 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | - | - | - |
| Current assets29/58 | €0.06m | €0.08m | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 21.1% |
| Amounts receivable within one year40/41 | €0.05m | €0.05m | €0.05m | €0.05m | €0.08m | €0.07m | €0.06m | €0.03m | ▼ 53.2% |
| Trade receivables40 | - | - | - | - | €0.03m | €0.01m | €0.01m | €0.01m | ▲ 4.7% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.01m | ▼ 70.8% |
| Cash at bank and in hand54/58 | €0.001m | €0.02m | €0.004m | €0.007m | €59 | €0.007m | €0.05m | €0.05m | ▼ 6.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 9.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.1m | €2.0m | €2.1m | €2.1m | €2.1m | €0.5m | €0.5m | ▼ 6.0% |
| Equity10/15 | €0.6m | €0.6m | €0.8m | €1.0m | €1.1m | €1.2m | €0.4m | €0.4m | ▲ 14.2% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.2m | €0.2m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.2m | €0.03m | €0.2m | €0.4m | €0.5m | €0.2m | €0.3m | ▲ 26.9% |
| Amounts payable17/49 | €1.6m | €1.5m | €1.3m | €1.1m | €1.0m | €0.9m | €0.2m | €0.06m | ▼ 58.1% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.2m | €0.2m | €0.1m | €0.05m | - | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.05m | - | - | - |
| Amounts payable within one year42/48 | €1.2m | €1.2m | €1.0m | €0.9m | €0.9m | €0.8m | €0.2m | €0.06m | ▼ 60.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.05m | - | - |
| Trade debts44 | €0.007m | €0.01m | €0.006m | €0.006m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 1.2% |
| Suppliers440/4 | - | - | - | €0.006m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 1.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.05m | €0.04m | - | - | - |
| Taxes450/3 | - | - | - | €0.01m | €0.05m | €0.04m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.8m | €0.7m | €0.7m | €0.08m | €0.04m | ▼ 52.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.01m | - | - | €0.004m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.06m | €0.03m | €0.2m | €0.2m | €0.1m | €0.1m | €0.3m | €0.06m | ▼ 83.2% |
| + Depreciation and write-downs630 | €0.07m | €0.07m | €0.06m | €0.007m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Operating cash flow (approximation) | €0.01m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.3m | €0.06m | ▼ 82.7% |
| Investment in fixed assets (approximation) | - | -€0.009m | -€459 | €0 | €0 | €0 | €1.6m | €0 | ▼ 100% |
| Change in cash | - | €0.02m | -€0.02m | €0.003m | -€0.007m | €0.007m | €0.05m | -€0.004m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 29-07-2026 | 2026-00367454 |
| 31-12-2024 | full format | 08-07-2025 | 2025-00246409 |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00193187 |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00209937 |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20248256 |
| 31-12-2020 | micro format | 05-10-2021 | 2021-71200031 |
| 31-12-2019 | micro format | 31-12-2020 | 2020-77900361 |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61400232 |
| 31-12-2017 | full format | 31-01-2019 | 2019-04200216 |
| 31-12-2016 | micro format | 30-03-2018 | 2018-09000501 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| VALECO |
|
Owners and capital
Owners
1 ownerChain of control
- VALECO
- IMMOFFSET
Highest known parent: VALECO. The sources do not say who stands above it.
Owners 1
- VALECOparent100%
According to the 2023 annual accounts of IMMOFFSET and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 04-03-2025 Capital reduction of €507,814.93 · to €165,501.07 · “réduction du capital sans annulation d'actions”
- 30-10-2024 Capital stated in the deed · €673,316 · 48,081 shares
Group and network
Holdings and subsidiaries
2 holdings · 3 subsidiaries in the treeHoldings 2
Source for every holding own accounts 2023
-
100%
-
94.79%
All subsidiaries, including indirect ones 3
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
DELOGE 100%1 subsidiary
- IMPRIMERIE DOSSCHE 100%
- PICTOGRAM 94.79%
According to the 2023 annual accounts of IMMOFFSET and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
1 current directorThe board mandates are listed below; here you explore them as a network.
Acquisitions and mergers
1 transactionHistory
Acts, filings and financial milestones
04-03
Gazette deed
Capital & shares · Amendment of the articlesAppointment: VALECO (administrateur complémentaire) · Permanent representative: PIRSON Etienne Jean Arlette Gilbert Marie · Demerger19 facts ▸
- Demerger, “scission partielle”, EUR (deed in French)
- Shareholding, 31-12-2023, 93454
- Shareholding, 31-12-2023, 5007
- Declaration, “actualisation des informations, ni le patrimoine de la Société Scindée Partiellement, ni le patrimoine de la Société Absorbante n'ont fait l'objet de modificati…” (deed in French)
- Declaration, “caractère idoine de l'objet, pas de modification de l'objet de la Société Absorbante immédiatement après la réalisation effective de l'opération de scission par…” (deed in French)
- Declaration, “absence d'avantage particulier, aucun avantage particulier n'est attribué aux membres des organes d'administration de la présente Société Scindée Partiellement…” (deed in French)
- Declaration, “biens soumis à publicité particulière, Dans le Patrimoine Transféré ne se trouve aucun bien soumis à publicité particulière” (deed in French)
- Declaration, “fonds de commerce, rien ne s'oppose au transfert au profit de la présente Société Absorbante VALECO des deux participations prédéfinies, ni envers un créancier,…” (deed in French)
- Declaration, “conditions générales du transfert, Le Patrimoine Transféré fait à la date de ce jour partie de son patrimoine” (deed in French)
- Share issue, “no new shares, intégralité du capital de la Société Scindée Partiellement tant avant qu’après réalisation de la scission partielle étant détenue par la Société…” (deed in French)
- Capital decrease, €507,814.93
- Reserve release, 50781.49, “réserve légale” (deed in French)
- +7 further facts in this act
30-10
Gazette deed
Resignations & appointments · RestructuringPermanent representatives: Robert Pirson and Etienne Pirson · Demerger · Capital21 facts ▸
- Demerger, “scission partielle, opération assimilée à une scission partielle par absorption, description et répartition du patrimoine actif et passif à transférer” (deed in French)
- Other provision, “absence d'émission de parts ou actions nouvelles, VALECO déjà titulaire de toutes ses parts, actions et autres titres conférant le droit de vote” (deed in French)
- Capital, €673,316
- Capital, €830,443
- Shareholding, 5007, 94.79
- Other provision, “cohérence et bonne gestion, DELOGE-PIRSON” (deed in French)
- Other provision, “Annexe 1, base comptable transfert” (deed in French)
- Other provision, “valorisation Activité Scindée, valeur comptable” (deed in French)
- Other provision, “rapport d'échange et répartition, VALECO déjà titulaire de tous titres conférant droit de vote” (deed in French)
- Other provision, “modalités remise actions, aucune émission nouvelle” (deed in French)
- Other provision, “droit participation bénéfices, aucune action nouvelle émise” (deed in French)
- Accounting effect, 01-10-2024
- +9 further facts in this act
Show earlier events
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 25 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21304B0060/00C003 | Brussels | 3,641 m² | 1 · 908 m² | 27.8 m · 8 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L'achat, la vente, l'échange, la commission, le courtage, la prise à bail ou en emphytéose, la location, la construction, l'exploitation, la…” (deed in French)
3 activities (deed in French)
- L'achat, la vente, l'échange, la commission, le courtage, la prise à bail ou en emphytéose, la location, la construction, l'exploitation, la mise en valeur, la division, la gérance de tous biens immobiliers de quelque nature qu'ils soient
- Accomplir toutes opérations industrielles, commerciales, financières, mobilières ou immobilières relatives à son objet
- S'intéresser par toutes voies dans toutes affaires, entreprises ou sociétés ayant un objet identique, analogue, similaire ou connexe ou qui sont de nature à favoriser le développement de son entreprise, à lui procurer des matières premières ou à faciliter l'écoulement de ses services
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Article 21 - Représentation La société est représentée vis-à-vis des tiers dans tous les actes, y compris ceux où interviennent un…”
- Board ruleHow the board is made up, meets and takes decisions.
- “3, l'assemblée générale peut mettre un terme à tout moment, avec effet immédiat et sans motif, au mandat de chaque administrateur” (deed in French)“Le conseil d'administration a le pouvoir d'accomplir tous les actes nécessaires ou utiles à la réalisation de l'objet de la société, à…” (deed in French)9 more provisions on this in the deed
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Lorsque, en cas de démembrement du droit de propriété d'une action en nue-propriété et usufruit, des réserves sont incorporées dans le…” (deed in French)“Lorsque, en cas de démembrement du droit de propriété d'une action en nue-propriété et usufruit, le capital est réduit par remboursement aux…” (deed in French)“Ces titres sont nominatifs., Nature des titres” (deed in French)“Toute action est indivisible. La société ne reconnaît qu'un seul propriétaire par action. Si une action appartient à plusieurs…” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Les dispositions qui précèdent s'appliquent mutatis mutandis aux transmissions par décès. La demande d'agrément sera faite par le ou les…” (deed in French)“Preemption execution, l'organe d'administration notifie le résultat de la préemption et fixe, le cas échéant, un nouveau délai de quinze…” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “En cas d'augmentation de capital, d'émission d'obligations convertibles ou de droits de souscription, les nouvelles actions à souscrire en…” (deed in French)
- Profit allocationHow profit is distributed; a BV may only pay out after a balance-sheet and liquidity test.
- “À la disposition de l'assemblée générale sur proposition du conseil d'administration à la majorité des voix, 5” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Tuesday of June at 10:00
- General meeting ruleHow the general meeting works: who calls it, who may attend and how it decides.
- “Universalité des actionnaires, décisions obligatoires pour tous les actionnaires, même absents ou dissidents” (deed in French)
- Meeting noticeHow and how far ahead shareholders are invited to a meeting; by law at least fifteen days.
- One provision in the deed
- Meeting accessWho may attend the meeting and what is needed to be admitted.
- One provision in the deed
- Meeting chairWho chairs the meeting.
- One provision in the deed
- Proxy ruleWhether a shareholder may be represented at the meeting by someone else.
- One provision in the deed
- Voting ruleWhich majority the meeting decides by, for example a simple or a special majority.
- “Tous modes de communication, notamment courrier électronique ou tout autre moyen prévu à l'article 2281 du Code civil, nom et domicile de…” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Outre les causes légales de dissolution, par l'assemblée générale, hormis en cas de dissolution judiciaire ou de dissolution pouvant être…” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed