IMMOKEN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 34 filings
Turnover
€1,400▼ 93.5%
2024 · €21,400
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€63,772▼ 56.5%
2024 · -€40,751
Working capital
€293,529▼ 24.4%
2024 · €388,383
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1,400
▼ 93.5%
2025
20182025
Operating result
-€49,062
▼ 121%
2025
20182025
Net result
-€63,772
▼ 56.5%
2025
lowest quarter of the sector
20182025
Equity
€358,167
▼ 15.1%
2025
middle half of the sector
20182025
Total assets
€554,237
▼ 16.0%
2025
lowest quarter of the sector
20182025
Debt
€196,070
▼ 17.6%
2025
20182025
Working capital
€293,529
▼ 24.4%
2025
middle half of the sector
20182025
Solvency
64.6%
▲ 0.7pp
2025
middle half of the sector
20182025
Current ratio
7.53
▼ 2.67
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-11.5%
▼ 5.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.06m-€0.06m▲ 0.4%€0.06m▲ 0.3%€0.06m▲ 0.2%€0.08m▲ 18.0%€0.08m▲ 4.5%€0.02m▼ 72.8%€0.001m▼ 93.5%
Operating result€0.03m-€0.02m▼ 22.6%€0.03m▲ 11.0%€0.03m▲ 0.1%€0.04m▲ 47.3%€0.1m▲ 190%-€0.02m-€0.05m▼ 121%
Net result-€0.01m--€0.01m▲ 7.5%-€0.004mwithin the sector's middle half▲ 64.9%€0.09mwithin the sector's middle half€0.008mwithin the sector's middle half▼ 90.5%€0.07mwithin the sector's middle half▲ 701%-€0.04mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 56.5%
Equity€0.3m-€0.3m▼ 3.8%€0.3mwithin the sector's middle half▼ 1.4%€0.4mwithin the sector's middle half▲ 29.9%€0.4mwithin the sector's middle half▲ 2.2%€0.5mwithin the sector's middle half▲ 17.1%€0.4mwithin the sector's middle half▼ 8.8%€0.4mwithin the sector's middle half▼ 15.1%
Total assets€1.5m-€1.4m▼ 9.0%€1.1mwithin the sector's middle half▼ 21.0%€1.1mwithin the sector's middle half▼ 3.9%€1.0mwithin the sector's middle half▼ 3.2%€1.0mwithin the sector's middle half▼ 1.5%€0.7mbelow the sector's middle half▼ 34.2%€0.6mbelow the sector's middle half▼ 16.0%
Debt€1.1m-€0.9m▼ 11.8%€0.6m▼ 30.8%€0.7m▲ 3.1%€0.6m▼ 6.3%€0.5m▼ 13.3%€0.2m▼ 55.9%€0.2m▼ 17.6%
Working capital€0.6m-€0.5m▼ 11.3%€0.5mwithin the sector's middle half▼ 5.5%€0.4mwithin the sector's middle half▼ 18.2%€0.4mwithin the sector's middle half▼ 3.8%€0.5mwithin the sector's middle half▲ 17.4%€0.4mwithin the sector's middle half▼ 14.5%€0.3mwithin the sector's middle half▼ 24.4%
Solvency20.6%-21.8%▲ 1.2pp27.2%within the sector's middle half▲ 5.4pp36.8%within the sector's middle half▲ 9.6pp38.8%within the sector's middle half▲ 2.0pp46.2%within the sector's middle half▲ 7.3pp63.9%within the sector's middle half▲ 17.8pp64.6%within the sector's middle half▲ 0.7pp
Current ratio2.02-1.99▼ 0.032.76within the sector's middle half▲ 0.772.17within the sector's middle half▼ 0.592.12within the sector's middle half▼ 0.052.50within the sector's middle half▲ 0.3810.20above the sector's middle half▲ 7.697.53above the sector's middle half▼ 2.67
Return on assets (ROA)-0.8%--0.9%=-0.4%within the sector's middle half▲ 0.5pp8.5%above the sector's middle half▲ 8.8pp0.8%within the sector's middle half▼ 7.6pp6.7%above the sector's middle half▲ 5.9pp-6.2%below the sector's middle half▼ 12.9pp-11.5%below the sector's middle half▼ 5.3pp
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 loss of €49,062, larger than the loss of €22,173 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €554,237
Fixed assets
€215,750 ▼ 5.9%
Current assets
€338,487 ▼ 21.4%
Equity and liabilities €554,237
Equity
€358,167 ▼ 15.1%
Debt
€196,070 ▼ 17.6%
Debt's share of the balance-sheet total falls from 36.1% to 35.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€35,628▼
2024 · -€5,293
Cash flow
-€50,338▼
2024 · -€23,870
Debt to equity
0.55▼
2024 · 0.56
ROE
-17.8%▼
2024 · -9.7%
Interest coverage
-2.27▼
2024 · -0.29
Debt ≤ 1 year
€44,958▲
2024 · €42,230
Debt > 1 year
€151,112▼
2024 · €195,628
Customer credit
9028 days▲
2024 · 0 days
Supplier credit
7 days▼
2024 · 10 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €63,172 | €63,444 | €63,637 | €63,739 | €75,240 | €78,620 | €21,400 | €1,400 | ▼ 93.5% |
| Non-recurring operating income76A | - | - | - | - | - | €93,309 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €5,162 | €4,044 | €28,821 | €13,458 | €23,377 | ▲ 73.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,145 | €18,828 | €18,828 | €18,828 | €18,828 | €17,564 | €16,881 | €13,434 | ▼ 20.4% |
| Other operating charges640/8 | - | - | - | €13,760 | €14,095 | €14,723 | €13,235 | €13,651 | ▲ 3.1% |
| Gross operating margin9900 | €62,574 | €55,688 | €58,462 | €58,578 | €71,196 | €143,108 | €7,942 | -€21,977 | - |
| Operating profit (loss)9901 | €30,236 | €23,396 | €25,976 | €25,990 | €38,273 | €110,822 | -€22,173 | -€49,062 | ▼ 121% |
| Financial income75/76B | - | - | - | - | - | - | €576 | €983 | ▲ 70.8% |
| Recurring financial income75 | €534 | - | €0 | - | - | - | €576 | €983 | ▲ 70.8% |
| Financial charges65/66B | - | - | - | €25,735 | €26,142 | €19,859 | €18,106 | €15,693 | ▼ 13.3% |
| Recurring financial charges65 | €43,527 | €35,344 | €30,170 | €25,735 | €26,142 | €19,859 | €18,106 | €15,693 | ▼ 13.3% |
| Profit (loss) for the period before taxes9903 | -€12,757 | -€11,949 | -€4,194 | €254 | €12,131 | €90,963 | -€39,704 | -€63,772 | ▼ 60.6% |
| Transfer from deferred taxes780 | - | - | - | €151,893 | - | - | - | - | - |
| Income taxes67/77 | €160 | - | - | €63,165 | €3,709 | €23,515 | €1,047 | - | - |
| Profit (loss) for the period9904 | -€12,918 | -€11,949 | -€4,194 | €88,982 | €8,422 | €67,448 | -€40,751 | -€63,772 | ▼ 56.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €294,850 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€12,918 | -€11,949 | -€4,194 | €383,833 | €8,422 | €67,448 | -€40,751 | -€63,772 | ▼ 56.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.4m | €1.1m | €1.1m | €1.0m | €1.0m | €0.7m | €0.6m | ▼ 16.0% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 5.9% |
| Tangible fixed assets22/27 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 5.9% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 4.8% |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0.009m | €0.004m | €0.001m | ▼ 71.3% |
| Current assets29/58 | €1.2m | €1.0m | €0.8m | €0.7m | €0.7m | €0.8m | €0.4m | €0.3m | ▼ 21.4% |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 4.2% |
| Trade receivables40 | - | - | - | €0 | - | €0.001m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 4.2% |
| Cash at bank and in hand54/58 | €1.1m | €1.0m | €0.7m | €0.7m | €0.7m | €0.7m | €0.4m | €0.3m | ▼ 23.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.002m | €0.002m | ▲ 1.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €1.1m | €1.1m | €1.0m | €1.0m | €0.7m | €0.6m | ▼ 16.0% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 15.1% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Contributions outside capital11 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Share premium1100/10 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€0.3m | -€0.3m | -€0.3m | €0.07m | €0.08m | €0.1m | €0.1m | €0.04m | ▼ 58.9% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0 | - | - | - | - | - |
| Deferred taxes168 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €1.1m | €0.9m | €0.6m | €0.7m | €0.6m | €0.5m | €0.2m | €0.2m | ▼ 17.6% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 22.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 22.8% |
| Amounts payable within one year42/48 | €0.6m | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | €0.04m | €0.04m | ▲ 6.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 6.3% |
| Trade debts44 | €0.003m | €0.002m | €61 | €6 | €19 | €97 | €354 | €442 | ▲ 24.8% |
| Suppliers440/4 | - | - | - | €6 | €19 | €97 | €354 | €442 | ▲ 24.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.07m | €0.02m | €0 | - | - |
| Taxes450/3 | - | - | - | €0.06m | €0.07m | €0.02m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,918 | -€11,949 | -€4,194 | €88,982 | €8,422 | €67,448 | -€40,751 | -€63,772 | ▼ 56.5% |
| + Depreciation and write-downs630 | €19,145 | €18,828 | €18,828 | €18,828 | €18,828 | €17,564 | €16,881 | €13,434 | ▼ 20.4% |
| Operating cash flow (approximation) | €6,228 | €6,879 | €14,634 | €107,810 | €27,250 | €85,012 | -€23,870 | -€50,338 | ▼ 111% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €21,691 | €0 | €0 | - |
| Change in cash | - | -€111,773 | -€273,318 | -€25,473 | -€14,756 | €21,326 | -€328,158 | -€93,571 | ▲ 71.5% |
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, 929 companies had the same profile as IMMOKEN has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of IMMOKEN itself: 0.1% 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 929 companies, not a prediction for IMMOKEN. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00292190 | |
| 31-12-2024 | full format | 09-07-2025 | 2025-00254838 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00259232 | |
| 31-12-2022 | full format | 10-07-2023 | 2023-00225277 | |
| 31-12-2021 | full format | 14-10-2022 | 2022-20464298 | |
| 31-12-2020 | full format | 16-07-2021 | 2021-36300127 | |
| 31-12-2019 | full format | 06-07-2020 | 2020-26500270 | |
| 31-12-2018 | full format | 09-07-2019 | 2019-30800319 | |
| 31-12-2017 | full format | 05-07-2018 | 2018-30000560 | |
| 31-12-2016 | full format | 13-07-2017 | 2017-30700544 |