IMMORAX
ActiveSummary
IMMORAX has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5,594 and a net result of €11,186. Equity has been shrinking by about 15% per year since 2018. If that trend continues, it turns negative around financial year 2026. The computed 12-month bankruptcy probability is 0.5% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 15-11-1990 Normal situation
- Activity
- “Elle pourra notamment réaliser toutes opérations immobilières et foncières et entre autres l'achat,la vente,l'échange,la…” (deed in French)From the articles, 4 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.053.730.916 4910 Theux, since 05-08-1991
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Board and ownership
- RAXHON Bernard Jean Marie JosephManaging director
- RAXHON Jean-Louis Bernard JosephDirector
- RAXHON Patrick Georges Jean JosephDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.5%
- Gross margin
- €47,186
- ▼ 6.7%
- Turnover
- ≈ €190,000
- estimated
- Profit
- €11,186
- ▲ 3.7%
- Equity
- €5,594
- Total assets
- €385,087
- ▲ 1.2%
Score breakdownraises risk1 change of registered office in 24 monthsFounded in 1990lowers riskSize: total assets €385,087Figures for financial year 2025 (filed on 17-06-2026)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 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 (no NACE code, micro). It does better than 17% of them on solvency, 10% on liquidity, 53% on profitability and 96% on growth.
The bankruptcy probability was computed on 02-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 31 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 PDF all 35 filings
Every figure per financial year
The operating result for 2025 is 14% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,296 | €40,135 | €38,459 | €6,611 |
| Depreciation and write-downs of the year | €38,809 | €25,448 | €24,229 | €27,002 | €25,319 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €17,328 | - | €3,436 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,630 | €42,470 | €42,161 | €38,809 | €25,448 | €24,229 | €27,002 | €25,319 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €8,848 | €9,824 | €10,002 | €11,110 | €11,205 | ▲ 0.9% |
| Gross operating margin9900 | €50,127 | €59,677 | €55,619 | €44,514 | €74,654 | €46,487 | €50,547 | €47,186 | ▼ 6.7% |
| Operating profit (loss)9901 | -€2,466 | €8,061 | €3,916 | -€3,143 | €39,382 | €12,257 | €12,436 | €10,662 | ▼ 14.3% |
| Financial income75/76B | - | - | - | - | - | €0 | €90 | €683 | ▲ 658% |
| Recurring financial income75 | - | - | - | - | - | €0 | €90 | €683 | ▲ 658% |
| Financial charges65/66B | - | - | - | €3,295 | €1,048 | €176 | €1,735 | €158 | ▼ 90.9% |
| Recurring financial charges65 | €3,581 | €3,576 | €2,473 | €3,295 | €1,048 | €176 | €1,735 | €158 | ▼ 90.9% |
| Profit (loss) for the period before taxes9903 | -€6,046 | €4,485 | €1,444 | -€6,438 | €38,335 | €12,081 | €10,791 | €11,186 | ▲ 3.7% |
| Profit (loss) for the period9904 | -€6,046 | €4,485 | €1,444 | -€6,438 | €38,335 | €12,081 | €10,791 | €11,186 | ▲ 3.7% |
| Profit (loss) for the period to be appropriated9905 | -€6,046 | €4,485 | €1,444 | -€6,438 | €38,335 | €12,081 | €10,791 | €11,186 | ▲ 3.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €520,097 | €482,159 | €428,896 | €372,897 | €392,917 | €385,999 | €380,345 | €385,087 | ▲ 1.2% |
| Fixed assets21/28 | €487,032 | €444,562 | €402,401 | €363,592 | €340,440 | €356,346 | €367,803 | €349,095 | ▼ 5.1% |
| Tangible fixed assets22/27 | €487,032 | €444,562 | €402,401 | €363,592 | €340,440 | €356,346 | €367,803 | €349,095 | ▼ 5.1% |
| Land and buildings22 | - | - | - | €341,530 | €323,916 | €327,706 | €314,856 | €297,627 | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | - | €22,063 | €16,524 | €28,640 | €52,947 | €51,469 | ▼ 2.8% |
| Current assets29/58 | €33,065 | €37,597 | €26,495 | €9,305 | €52,476 | €29,653 | €12,542 | €35,991 | ▲ 187% |
| Cash at bank and in hand54/58 | €33,065 | €37,597 | €26,495 | €9,305 | €52,476 | €29,653 | €12,542 | €35,991 | ▲ 187% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €520,097 | €482,159 | €428,896 | €372,897 | €392,917 | €385,999 | €380,345 | €385,087 | ▲ 1.2% |
| Equity10/15 | €138,988 | €143,472 | €144,916 | €138,477 | €176,812 | -€16,382 | -€5,592 | €5,594 | - |
| Contributions10/11 | €266,776 | €266,776 | €266,776 | €266,776 | €266,776 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €266,776 | €266,776 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €266,776 | €266,776 | €61,500 | €61,500 | €61,500 | = |
| Revaluation surpluses12 | - | - | - | €6,631 | €6,631 | €6,631 | €6,631 | €6,631 | = |
| Profit (loss) carried forward14 | -€134,419 | -€129,934 | -€128,491 | -€134,929 | -€96,594 | -€84,513 | -€73,722 | -€62,536 | ▲ 15.2% |
| Amounts payable17/49 | €381,109 | €338,687 | €283,980 | €234,419 | €216,104 | €402,382 | €385,937 | €379,493 | ▼ 1.7% |
| Amounts payable after more than one year17 | €119,128 | €96,102 | €70,793 | €42,535 | €23,769 | €5,454 | - | - | - |
| Financial debts170/4 | - | - | - | €42,535 | €23,769 | €5,454 | - | - | - |
| Amounts payable within one year42/48 | €261,982 | €242,585 | €213,187 | €191,884 | €192,335 | €396,927 | €385,937 | €379,493 | ▼ 1.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €191,884 | €192,335 | €396,837 | €384,947 | €379,493 | ▼ 1.4% |
| Trade debts44 | €31 | €540 | - | - | - | €90 | €990 | - | - |
| Suppliers440/4 | - | - | - | - | - | €90 | €990 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,046 | €4,485 | €1,444 | -€6,438 | €38,335 | €12,081 | €10,791 | €11,186 | ▲ 3.7% |
| + Depreciation and write-downs630 | €43,630 | €42,470 | €42,161 | €38,809 | €25,448 | €24,229 | €27,002 | €25,319 | ▼ 6.2% |
| Operating cash flow (approximation) | €37,584 | €46,954 | €43,605 | €32,371 | €63,783 | €36,310 | €37,792 | €36,505 | ▼ 3.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€2,296 | -€40,135 | -€38,459 | -€6,611 | ▲ 82.8% |
| Change in cash | - | €4,532 | -€11,102 | -€17,190 | €43,172 | -€22,823 | -€17,111 | €23,449 | - |
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, 1,083 companies had the same profile as IMMORAX has now. Two years later, 96.8% were still going and 0.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMORAX itself: 0.5% 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 1,083 companies, not a prediction for IMMORAX. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00166374 | |
| 31-12-2024 | micro format | 31-03-2025 | 2025-00062744 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00337746 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00383228 | |
| 31-12-2021 | micro format | 10-06-2022 | 2022-20064990 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-32400314 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-31900302 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-19100522 | |
| 31-12-2017 | micro format | 14-05-2018 | 2018-12600530 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51300153 |
Board & ownership
Directors
Board 3
Day-to-day management 1
Owners and capital
Capital transactions
- 28-12-2023 Capital reduction of €205,275.86 · to €61,500 · repaid to the shareholders
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| RAXHON Bernard Jean Marie Joseph |
|
| RAXHON Jean-Louis Bernard Joseph |
|
| RAXHON Patrick Georges Jean Joseph |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Moitié au moins membres présents ou représentés, voix président prépondérante en cas partage”
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs prorata acquises si plusieurs, désigné commun accord conformément article 1854 Code Civil”
Audit, dissolution and liquidation
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Toutes opérations prévues par la loi, assemblée générale à majorité des voix”
Articles of association, deed of 28-12-2023 (in French)
Network & group
IMMORAX shares no director with another company.
Companies at the same address
1 other companyConnections & network
3 current directorsThe network starts from the directors of IMMORAX. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
05-09
Gazette deed
Registered office moved from Verviers to TheuxNew seat: 4910 Theux, rue Chawieumont 19 A · Previous seat: rue des Prés, 71/33 à 4802 Verviers · Incorporation6 points ▸
- Incorporation, 15-11-1990
- General meeting, 15-12-2023
- Director in office, RAXHON Bernard Jean Marie Joseph (director and managing director)
- Board meeting, 21-08-2025
- Registered-office move, 4910 Theux, rue Chawieumont 19 A
- Power of attorney
28-12
Gazette deed
Capital decrease of €205,275.86 to €61,500Resignations: RAXHON Jean-Louis Bernard Joseph, RAXHON Bernard Jean Marie Joseph and RAXHON Patrick Georges Jean Joseph · Appointments: RAXHON Jean-Louis Bernard Joseph, RAXHON Bernard Jean Marie Joseph and RAXHON Patrick Georges Jean Joseph · Amendment of the articles16 points ▸
- Amendment of the articles, mentioned 2 times in the deed
- Capital decrease, €205,275.86
- Capital, €61,500
- Registered office clause, “unanimité, 4802 Heusy (Verviers),Rue des Prés 71/33” (deed in French)
- Other provision, “décès, assemblée générale” (deed in French)
- Director resignation, RAXHON Jean-Louis Bernard Joseph (director)
- Director resignation, RAXHON Bernard Jean Marie Joseph (director)
- Director resignation, RAXHON Patrick Georges Jean Joseph (director)
- Director discharge, RAXHON Jean-Louis Bernard Joseph (director)
- Director discharge, RAXHON Bernard Jean Marie Joseph (director)
- Director discharge, RAXHON Patrick Georges Jean Joseph (director)
- Director appointment, RAXHON Jean-Louis Bernard Joseph (director)
- The act holds 4 more points.
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- rue des Prés, 71/33, 4802 Verviers until 21-08-2025 · act of 05-09-2025
Activities
4 activities
- Elle pourra notamment réaliser toutes opérations immobilières et foncières et entre autres l'achat,la vente,l'échange,la construction,la reconstruction,la location et la gérance de tous immeubles bâtis,ainsi que l'achat,la vente,l'échange,la mise en valeur,le lotissement,l'exploitation,la location et l'affermage de tous immeubles non bâtis,et en outrer l'acquisition,la gestion et la vente de toutes valeurs mobilières et fonds publics.
- Elle peut faire toutes opérations civiles,commerciales,mobilières,immobilières,industrielles ou financières se rapportant directement ou indirectement,en tout ou en partie,à l'une ou l'autre branche de son objet ou de nature à en développer ou en faciliter la réalisation.
- Elle pourra réaliser ses activités en Belgique et à l'étranger,soit directement,soit par l'entremise de tiers.
- La société peut s'intéresser par voie d'apport,de fusion,de souscription,de participation,d'intervention financière ou autrement,dans toutes sociétés et entreprises existantes ou à créer en Belgique ou à l'étranger,dont l'objet serait analogue ou connexe au sien ou susceptible de favoriser directement ou indirectement le développement de ses affaires.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63076D0517/00K000 | Wallonia | 3,629 m² | 1 · 155 m² | 13.9 m · 4 |
| 63076C0112/00W000 | Wallonia | 3,378 m² | - | - |