IMMOFREE
ActiveSummary
IMMOFREE has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €490,954 and a net result of -€75,835. Equity is shrinking by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 95% of 4616 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-6
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 62.54 against 78.65 in 2024; short-term debt: 1.6% and cash: 0.9% of total assets), and 1.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
98.4%
Return on assets
-15.2%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€75,835
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
41 d early
2023
8 d early
2022
5 d early
2021
4 d early
2020
3 d early
2019
70 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 26 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#3 oldest company in Stabroek, Real estate sector
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€75,835▼ 31.5%
2024 · -€57,690
Working capital
€487,531▼ 13.3%
2024 · €562,412
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€5,786▲ 91.5%€2,087-€49,875-€63,967▼ 28.3%-€78,276▼ 22.4%
Net result-€7,905below the sector's middle half▲ 88.8%€14,864within the sector's middle half-€40,215below the sector's middle half-€57,690below the sector's middle half▼ 43.5%-€75,835below the sector's middle half▼ 31.5%
Equity€649,830above the sector's middle half▼ 1.2%€664,694above the sector's middle half▲ 2.3%€624,480above the sector's middle half▼ 6.1%€566,789within the sector's middle half▼ 9.2%€490,954within the sector's middle half▼ 13.4%
Total assets€784,776within the sector's middle half▼ 1.9%€808,825within the sector's middle half▲ 3.1%€671,027within the sector's middle half▼ 17.0%€574,032below the sector's middle half▼ 14.5%€498,876below the sector's middle half▼ 13.1%
Debt€18,873▼ 27.0%€144,130▲ 664%€46,547▼ 67.7%€7,243▼ 84.4%€7,922▲ 9.4%
Working capital€704,195above the sector's middle half▲ 14.0%€630,928above the sector's middle half▼ 10.4%€615,830above the sector's middle half▼ 2.4%€562,412within the sector's middle half▼ 8.7%€487,531within the sector's middle half▼ 13.3%
Solvency82.8%above the sector's middle half▲ 0.6pp82.2%above the sector's middle half▼ 0.6pp93.1%above the sector's middle half▲ 10.9pp98.7%above the sector's middle half▲ 5.7pp98.4%above the sector's middle half▼ 0.3pp
Current ratio38.31above the sector's middle half▲ 13.425.38above the sector's middle half▼ 32.9414.23above the sector's middle half▲ 8.8578.65above the sector's middle half▲ 64.4262.54above the sector's middle half▼ 16.11
Return on assets (ROA)-1.0%within the sector's middle half▲ 7.9pp1.8%within the sector's middle half▲ 2.8pp-6.0%below the sector's middle half▼ 7.8pp-10.1%below the sector's middle half▼ 4.1pp-15.2%below the sector's middle half▼ 5.2pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €78,276 in 2025 against €63,967 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €498,876
Fixed assets
€3,424 ▼ 21.8%
Current assets
€495,452 ▼ 13.0%
Equity and liabilities €498,876
Equity
€490,954 ▼ 13.4%
Debt
€7,922 ▲ 9.4%
Debt's share of the balance-sheet total rises from 1.3% to 1.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€77,322▼
2024 · -€61,496
Cash flow
-€74,881▼
2024 · -€55,218
Debt to equity
0.02▲
2024 · 0.01
ROE
-15.4%▼
2024 · -10.2%
Interest coverage
-450.54▼
2024 · -370.03
Debt ≤ 1 year
€7,922▲
2024 · €7,243
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.8%
stopped otherwise
90%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,340 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% | 1.0% |
| 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% 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 928 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €46,000 | €37,157 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,464 | €12,975 | €2,741 | €2,472 | €954 | ▼ 61.4% |
| Other operating charges640/8 | €1,673 | €6,864 | €1,083 | €655 | €520 | ▼ 20.7% |
| Non-recurring operating charges66A | €5,000 | €0 | €2,376 | - | - | - |
| Gross operating margin9900 | €21,351 | €21,927 | -€43,675 | -€60,840 | -€76,802 | ▼ 26.2% |
| Operating profit (loss)9901 | -€5,786 | €2,087 | -€49,875 | -€63,967 | -€78,276 | ▼ 22.4% |
| Financial income75/76B | €5 | €17,134 | €10,523 | €6,443 | €2,612 | ▼ 59.5% |
| Recurring financial income75 | €5 | €17,134 | €10,523 | €6,443 | €2,612 | ▼ 59.5% |
| Financial charges65/66B | €1,978 | €17,994 | €667 | €166 | €172 | ▲ 3.3% |
| Recurring financial charges65 | €1,978 | €17,994 | €667 | €166 | €172 | ▲ 3.3% |
| Profit (loss) for the period before taxes9903 | -€7,760 | €1,227 | -€40,019 | -€57,690 | -€75,835 | ▼ 31.5% |
| Transfer from deferred taxes780 | - | €116,073 | €0 | - | - | - |
| Income taxes67/77 | €145 | €102,436 | €196 | €0 | - | - |
| Profit (loss) for the period9904 | -€7,905 | €14,864 | -€40,215 | -€57,690 | -€75,835 | ▼ 31.5% |
| Transfer from tax-exempt reserves789 | - | €348,218 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€7,905 | €363,082 | -€40,215 | -€57,690 | -€75,835 | ▼ 31.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €784,776 | €808,825 | €671,027 | €574,032 | €498,876 | ▼ 13.1% |
| Fixed assets21/28 | €61,708 | €33,766 | €8,650 | €4,378 | €3,424 | ▼ 21.8% |
| Tangible fixed assets22/27 | €59,908 | €31,966 | €6,850 | €4,378 | €3,424 | ▼ 21.8% |
| Land and buildings22 | €19,163 | €3,443 | €3,078 | €2,713 | €2,348 | ▼ 13.5% |
| Plant, machinery and equipment23 | €6,157 | €3,458 | €1,620 | €51 | €0 | ▼ 100% |
| Furniture and vehicles24 | €31,361 | €22,376 | €0 | - | - | - |
| Other tangible fixed assets26 | €3,227 | €2,689 | €2,151 | €1,613 | €1,076 | ▼ 33.3% |
| Financial fixed assets28 | €1,800 | €1,800 | €1,800 | €0 | - | - |
| Current assets29/58 | €723,068 | €775,058 | €662,377 | €569,654 | €495,452 | ▼ 13.0% |
| Amounts receivable after more than one year29 | - | - | €88,250 | €76,063 | €31,464 | ▼ 58.6% |
| Other amounts receivable291 | - | - | €88,250 | €76,063 | €31,464 | ▼ 58.6% |
| Amounts receivable within one year40/41 | €313,138 | €329,169 | €388,524 | €447,757 | €456,728 | ▲ 2.0% |
| Trade receivables40 | €17,941 | €16,107 | €5,931 | €248 | €1,541 | ▲ 521% |
| Other amounts receivable41 | €295,197 | €313,063 | €382,593 | €447,509 | €455,187 | ▲ 1.7% |
| Cash at bank and in hand54/58 | €408,892 | €444,849 | €185,509 | €41,539 | €4,597 | ▼ 88.9% |
| Deferred charges and accrued income490/1 | €1,037 | €1,040 | €94 | €4,295 | €2,664 | ▼ 38.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €784,776 | €808,825 | €671,027 | €574,032 | €498,876 | ▼ 13.1% |
| Equity10/15 | €649,830 | €664,694 | €624,480 | €566,789 | €490,954 | ▼ 13.4% |
| Contributions10/11 | €65,000 | €65,000 | €65,000 | €65,000 | €65,000 | = |
| Capital10 | €65,000 | €65,000 | €65,000 | €65,000 | €65,000 | = |
| Issued capital100 | €65,000 | €65,000 | €65,000 | €65,000 | €65,000 | = |
| Reserves13 | €584,830 | €236,612 | €236,612 | €501,789 | €501,789 | = |
| Non-distributable reserves130/1 | €6,500 | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Legal reserve130 | €6,500 | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Tax-exempt reserves132 | €348,218 | €0 | - | - | - | - |
| Distributable reserves133 | €230,112 | €230,112 | €230,112 | €495,289 | €495,289 | = |
| Profit (loss) carried forward14 | - | €363,082 | €322,868 | €0 | -€75,835 | - |
| Provisions and deferred taxes16 | €116,073 | €0 | - | - | - | - |
| Deferred taxes168 | €116,073 | €0 | - | - | - | - |
| Amounts payable17/49 | €18,873 | €144,130 | €46,547 | €7,243 | €7,922 | ▲ 9.4% |
| Amounts payable within one year42/48 | €18,873 | €144,130 | €46,547 | €7,243 | €7,922 | ▲ 9.4% |
| Financial debts43 | €1,784 | €0 | - | - | - | - |
| Credit institutions430/8 | €1,784 | €0 | - | - | - | - |
| Trade debts44 | €5,644 | €13,016 | €29,296 | €7,243 | €7,922 | ▲ 9.4% |
| Suppliers440/4 | €5,644 | €13,016 | €29,296 | €7,243 | €7,922 | ▲ 9.4% |
| Taxes, remuneration and social security45 | €26 | €120,018 | €0 | - | - | - |
| Taxes450/3 | €26 | €120,018 | €0 | - | - | - |
| Other amounts payable47/48 | €11,419 | €11,096 | €17,251 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,905 | €14,864 | -€40,215 | -€57,690 | -€75,835 | ▼ 31.5% |
| + Depreciation and write-downs630 | €20,464 | €12,975 | €2,741 | €2,472 | €954 | ▼ 61.4% |
| Operating cash flow (approximation) | €12,559 | €27,840 | -€37,474 | -€55,218 | -€74,881 | ▼ 35.6% |
| Investment in fixed assets (approximation) | - | €14,966 | €22,376 | €1,800 | €0 | ▼ 100% |
| Change in cash | - | €35,957 | -€259,340 | -€143,970 | -€36,943 | ▲ 74.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€75,835
Net result drops to -€75,835, the lowest in the series.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity times 6current ratio 78.65
Current ratio from 14.23 to 78.65; short-term debt falls from €46,547 to €7,243.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity triplescurrent ratio 14.23
Current ratio from 5.38 to 14.23; short-term debt falls from €144,130 to €46,547.
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €14,864
Net result €14,864 after 2 loss-making years.
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Liquidity times 6current ratio 24.90
Current ratio from 4.02 to 24.90; short-term debt falls from €237,718 to €25,857.
09-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 70 days late
Show earlier events
2019
31-12
Financial
Liquidity triplescurrent ratio 4.02
Current ratio from 1.29 to 4.02; short-term debt falls from €670,938 to €237,718.
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 23 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 27 days late
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 8 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Stabroek · 1 establishment unit since 1990
Ground area
6,369 m²
Building footprint
1,863 m²
Volume, LiDAR
6,747 m³
Parcel 11044E0277/00P002, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
16
companies at this address
See who is registered here
1 establishment unit
Abtsdreef 10, 2940 Stabroek
since 19902.046.871.729
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11044E0277/00P002 | Flanders | 6,369 m² | 1 · 1,863 m² | 8.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- UNIVERSTONE
- BLUESTONE INVEST
- IMMOFREE
Highest known parent: UNIVERSTONE. The sources do not say who stands above it.
Owners 1
- BLUESTONE INVESTparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 9,695 companies in this sector we hold annual accounts for 7,393. 4,727 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPublic limited company
Founded29-12-1989
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
71111Activities of building architects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439790278
Also
9925:BE0439790278
Registered
06-07-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.