Immohel
ActiveSummary
Immohel has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of €396,651. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 49% of 14220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+13
Solvency53▲+13
Growth68=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €70,000 at 30 days acceptable
Liquidity short (current ratio 0.34 against 0.02 in 2024; short-term debt: 57.7% and cash: 11.6% of total assets), and 72.2% 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
27.8%
Return on assets
10.7%
Age of the figures
18 mo
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 10-11-2025, 10 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
10 d late
2024
9 d early
2023
134 d late
2022
18 d late
2021
24 d late
2020
27 d late
2019
2 d early
← 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 29 days 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 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close27-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€135,990▲ 37.9%
2022 · €98,623
EBIT margin
4.9%▼ 10.1pp
2022 · 15.0%
Net result
€396,651▲ 7,703%
2024 · €5,083
Working capital
-€1.4m▲ 55.9%
2024 · -€3.2m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€98,623€135,990▲ 37.9%
Operating result€23,604▲ 189%€14,776▼ 37.4%€6,689▼ 54.7%-€256€532,308
Net result€14,812▲ 197%€9,905▼ 33.1%€14,060▲ 41.9%€5,083▼ 63.8%€396,651▲ 7,703%
EBIT margin15.0%4.9%▼ 10.1pp
Equity€639,201▲ 1.9%€646,106▲ 1.1%€655,847▲ 1.5%€647,367▼ 1.3%€1.0m▲ 59.7%
Total assets€2.8m▲ 47.7%€3.7m▲ 34.6%€4.4m▲ 16.6%€4.3m▼ 1.3%€3.7m▼ 13.7%
Debt€2.0m▲ 77.7%€3.0m▲ 47.1%€3.6m▲ 20.6%€3.6m▼ 1.2%€2.5m▼ 30.9%
Working capital-€1.5m▼ 177%-€2.2m▼ 43.2%-€3.0m▼ 38.8%-€3.2m▼ 7.7%-€1.4m▲ 55.9%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €532,308 after a loss of €256 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€3.0m ▼ 29.3%
Current assets
€721,164 ▲ 927%
Equity and liabilities €3.7m
Equity
€1.0m ▲ 59.7%
Provisions
€225,335 ▲ 112%
Debt
€2.5m ▼ 30.9%
Debt's share of the balance-sheet total falls from 82.5% to 66.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€680,208▲
2024 · €158,844
Cash flow
€544,551▲
2024 · €164,183
Current ratio
0.34▲
2024 · 0.02
Debt to equity
2.38▼
2024 · 5.50
ROE
38.4%▲
2024 · 0.8%
ROA
10.7%▲
2024 · 0.1%
Interest coverage
152.44▲
2024 · 40.15
Debt ≤ 1 year
€2.1m▼
2024 · €3.3m
Debt > 1 year
€250,000=
2024 · €250,000
Income taxes
€12,499▲
2024 · €5,724
Staff costs
€12,000▲
2024 · €3,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,600 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
2.0%
stopped otherwise
97%
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 0.3% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 2,600 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 |
|---|---|---|---|---|---|---|
| Turnover70 | - | €98,623 | €135,990 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €36,684 | €62,239 | - | - | - |
| Remuneration, social security and pensions62 | - | €3,000 | €3,000 | €3,000 | €12,000 | ▲ 300% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,500 | €27,650 | €47,670 | €159,100 | €147,900 | ▼ 7.0% |
| Other operating charges640/8 | - | €16,513 | €16,392 | €20,921 | €68,956 | ▲ 230% |
| Gross operating margin9900 | - | €61,939 | €73,751 | €182,765 | €761,164 | ▲ 316% |
| Operating profit (loss)9901 | €23,604 | €14,776 | €6,689 | -€256 | €532,308 | ▲ 208,033% |
| Financial income75/76B | - | - | - | €19 | €151 | ▲ 695% |
| Recurring financial income75 | - | - | - | €19 | €151 | ▲ 695% |
| Financial charges65/66B | - | €3,002 | €2,904 | €3,956 | €4,462 | ▲ 12.8% |
| Recurring financial charges65 | €3,121 | €3,002 | €2,904 | €3,956 | €4,462 | ▲ 12.8% |
| Profit (loss) for the period before taxes9903 | €20,483 | €11,774 | €3,785 | -€4,193 | €527,997 | ▲ 12,692% |
| Transfer from deferred taxes780 | - | - | €15,000 | €15,000 | €4,256 | ▼ 71.6% |
| Transfer to deferred taxes680 | - | - | - | - | €123,103 | - |
| Income taxes67/77 | €5,671 | €1,869 | €4,725 | €5,724 | €12,499 | ▲ 118% |
| Profit (loss) for the period9904 | €14,812 | €9,905 | €14,060 | €5,083 | €396,651 | ▲ 7,703% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €10,385 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €369,309 | - |
| Profit (loss) for the period to be appropriated9905 | €14,812 | €9,905 | €14,060 | €5,083 | €37,727 | ▲ 642% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.8m | €3.7m | €4.4m | €4.3m | €3.7m | ▼ 13.7% |
| Fixed assets21/28 | €2.5m | €3.2m | €4.0m | €4.2m | €3.0m | ▼ 29.3% |
| Tangible fixed assets22/27 | €2.5m | €3.2m | €4.0m | €4.2m | €3.0m | ▼ 29.5% |
| Land and buildings22 | - | €560,021 | €1.0m | €4.1m | €2.9m | ▼ 30.0% |
| Plant, machinery and equipment23 | - | €11,527 | €35,876 | €55,094 | €62,814 | ▲ 14.0% |
| Furniture and vehicles24 | - | - | €16,655 | €15,212 | €8,766 | ▼ 42.4% |
| Assets under construction and advance payments27 | - | €2.6m | €2.9m | €0 | - | - |
| Financial fixed assets28 | €27,015 | €27,015 | €27,015 | €27,015 | €27,015 | = |
| Current assets29/58 | €267,868 | €570,388 | €347,471 | €70,251 | €721,164 | ▲ 927% |
| Amounts receivable within one year40/41 | €42,102 | €56,198 | €264,413 | €1,000 | €291,015 | ▲ 29,002% |
| Trade receivables40 | - | €287 | - | - | €291,015 | - |
| Other amounts receivable41 | - | €55,911 | €264,413 | €1,000 | - | - |
| Cash at bank and in hand54/58 | €221,766 | €514,190 | €79,358 | €45,451 | €430,114 | ▲ 846% |
| Deferred charges and accrued income490/1 | - | - | €3,700 | €23,800 | €35 | ▼ 99.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.8m | €3.7m | €4.4m | €4.3m | €3.7m | ▼ 13.7% |
| Equity10/15 | €639,201 | €646,106 | €655,847 | €647,367 | €1.0m | ▲ 59.7% |
| Contributions10/11 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Capital10 | - | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Issued capital100 | - | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | €291,138 | €296,138 | €296,075 | €286,012 | €665,936 | ▲ 133% |
| Non-distributable reserves130/1 | - | €6,500 | €7,000 | €7,500 | €8,500 | ▲ 13.3% |
| Legal reserve130 | - | €6,500 | €7,000 | €7,500 | €8,500 | ▲ 13.3% |
| Tax-exempt reserves132 | - | €274,638 | €264,075 | €253,512 | €612,436 | ▲ 142% |
| Distributable reserves133 | - | €15,000 | €25,000 | €25,000 | €45,000 | ▲ 80.0% |
| Profit (loss) carried forward14 | €98,063 | €99,968 | €109,772 | €111,355 | €118,081 | ▲ 6.0% |
| Provisions and deferred taxes16 | €115,362 | €115,362 | €110,925 | €106,488 | €225,335 | ▲ 112% |
| Deferred taxes168 | - | €115,362 | €110,925 | €106,488 | €225,335 | ▲ 112% |
| Amounts payable17/49 | €2.0m | €3.0m | €3.6m | €3.6m | €2.5m | ▼ 30.9% |
| Amounts payable after more than one year17 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Other amounts payable178/9 | - | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Amounts payable within one year42/48 | €1.8m | €2.7m | €3.3m | €3.3m | €2.1m | ▼ 35.0% |
| Trade debts44 | €19,449 | €47,250 | €59,155 | €11,209 | €33,061 | ▲ 195% |
| Suppliers440/4 | - | €47,250 | €59,155 | €11,209 | €33,061 | ▲ 195% |
| Advances received on contracts in progress46 | - | €1.2m | €1.7m | €1.6m | €1.6m | ▲ 2.6% |
| Taxes, remuneration and social security45 | - | - | €1,000 | €933 | €52,370 | ▲ 5,513% |
| Taxes450/3 | - | - | €1,000 | €933 | €52,370 | ▲ 5,513% |
| Other amounts payable47/48 | - | €1.5m | €1.6m | €1.7m | €470,858 | ▼ 72.9% |
| Accrued charges and deferred income492/3 | - | €5,850 | €6,750 | €9,305 | €66,010 | ▲ 609% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,812 | €9,905 | €14,060 | €5,083 | €396,651 | ▲ 7,703% |
| + Depreciation and write-downs630 | €27,500 | €27,650 | €47,670 | €159,100 | €147,900 | ▼ 7.0% |
| Operating cash flow (approximation) | €42,312 | €37,555 | €61,730 | €164,183 | €544,551 | ▲ 232% |
| Investment in fixed assets (approximation) | - | -€687,953 | -€892,195 | -€380,775 | €1.1m | ▲ 388% |
| Change in cash | - | €292,424 | -€434,832 | -€33,907 | €384,663 | ▲ 1,234% |
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
2025
10-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 10 days late
31-03
Financial
Equity above €1mEq €1.0m ▲59.7%
7 profitable years in a row build equity to €1.0m.
2024
22-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
13-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 134 days late
2022
18-11
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 18 days late
2021
24-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 24 days late
2020
27-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 27 days late
31-03
Financial
Weakest financial yearnet €4,985 ▼98.8%
Net result drops to €4,985, the lowest in the series; recovery starts the following year.
2019
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
19-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 19 days late
2017
22-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 22 days late
2016
23-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 1990
Ground area
5,477 m²
Building footprint
509 m²
Volume, LiDAR
7,462 m³
Parcel 21618B0377/00X005, Brussels · tallest building 21.9 m, ±5 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
Henri Elleboudtlaan 11, 1180 Ukkel
since 19902.048.454.512
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21618B0377/00X005 | Brussels | 5,477 m² | 1 · 509 m² | 21.9 m · 5 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.
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 3,878 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded10-05-1990
Fiscal year end31-03
Activities, NACEBEL 2025
68121Development of residential building projects
Contact
E-mail
bernardfischgrund@hotmail.com
Phone
+32475641376
E-invoicing
Reachable via Peppol
Peppol ID
0208:0440854409
Registered
13-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.