Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2016 to 2025 closed with a loss. 2023 was the heaviest.
In July 2024, 6,635 companies had the same profile as IMMORAY has now. Each dot stands for 17 companies, two years later.
Another 1.0% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 6,635 companies, not a prediction for IMMORAY. 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.
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.
IMMORAY files the micro format. That format states no turnover. The gross margin fell from €2,399 in 2006 to -€21,929 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
902 | 23,081 | 223,686 | 243,967 | 226,290 | 1,204 | 4,738 | 6,599 | 532 | 599 | 406 | 1,710 | 131,522 | 128,708 | 142,108 | 292,377 | 31,632 | 105,567 | 39,021 | 29,321 | |
21/28 |
150 | 150 | 14,400 | 14,400 | 14,400 | 150 | 150 | 150 | 150 | 150 | - | - | - | 3,357 | 7,556 | 11,753 | 15,950 | 4,128 | 6,486 | 8,845 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 3,357 | 7,556 | 11,753 | 15,950 | - | - | - | |
22/27 |
- | - | 14,250 | 14,250 | 14,250 | - | - | - | - | - | - | - | - | - | - | - | - | 4,128 | 6,486 | 8,845 | |
22 |
- | - | 14,250 | 14,250 | 14,250 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
24 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4,128 | 6,486 | 8,845 | |
28 |
150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | - | - | - | - | - | - | - | - | - | - | |
29/58 |
752 | 22,931 | 209,286 | 229,567 | 211,890 | 1,054 | 4,588 | 6,449 | 382 | 449 | 406 | 1,710 | 131,522 | 125,351 | 134,552 | 280,624 | 15,682 | 101,439 | 32,534 | 20,476 | |
29 |
- | - | - | - | 76 | 74 | - | - | - | - | 172 | - | - | 925 | 13,396 | 3,357 | - | - | - | - | |
290 |
- | - | - | - | 76 | 32 | - | - | - | - | 172 | - | - | - | 252 | 3,320 | - | - | - | - | |
291 |
- | - | - | - | - | 42 | - | - | - | - | - | - | - | 925 | 13,144 | 37 | - | - | - | - | |
3 |
- | - | - | 228,948 | 209,354 | 514 | 1,290 | - | - | - | - | - | 126,326 | 121,126 | 117,650 | 269,589 | - | 63,500 | 6,000 | 15,000 | |
30/36 |
- | - | - | 228,948 | 209,354 | 514 | 1,290 | - | - | - | - | - | 126,326 | 121,126 | 117,650 | 269,589 | - | 63,500 | 6,000 | 15,000 | |
40/41 |
- | - | - | - | - | - | - | - | - | - | - | 201 | 540 | 3,300 | - | - | 6,482 | 17 | 8,068 | 293 | |
40 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 3,300 | - | - | 4,726 | - | 8,037 | 254 | |
41 |
- | - | - | - | - | - | - | - | - | - | - | 201 | 540 | - | - | - | 1,756 | 17 | 31 | 39 | |
54/58 |
752 | 22,931 | 209,160 | 619 | 2,460 | 466 | 3,299 | 6,449 | 382 | 449 | 233 | 517 | 4,656 | - | 3,507 | 7,678 | 4,200 | 37,607 | 17,863 | 4,647 | |
490/1 |
- | - | 125 | - | - | - | - | - | - | - | - | 992 | - | - | - | - | 5,000 | 315 | 603 | 536 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
902 | 23,081 | 223,686 | 243,967 | 226,290 | 1,204 | 4,738 | 6,599 | 532 | 599 | 406 | 1,710 | 131,522 | 128,708 | 142,108 | 292,377 | 31,632 | 105,567 | 39,021 | 29,321 | |
10/15 |
-272,593 | -250,664 | -231,059 | -189,011 | -172,840 | -154,289 | -141,152 | -135,543 | -132,910 | -128,594 | -121,037 | -124,962 | -47,871 | -24,762 | -1,459 | -11,229 | -22,911 | 24,223 | 17,324 | 8,267 | |
10/11 |
99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | |
10 |
99,157 | 99,157 | 99,157 | 99,157 | 99,157 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | 99,157 | |
14 |
-371,751 | -349,822 | -330,217 | -288,169 | -271,998 | -253,447 | -240,310 | -234,701 | -232,068 | -227,751 | -220,194 | -224,119 | -147,028 | -123,919 | -100,616 | -110,386 | -122,068 | -74,935 | -81,834 | -90,890 | |
17/49 |
273,495 | 273,745 | 454,745 | 432,978 | 399,130 | 155,493 | 145,891 | 142,143 | 133,443 | 129,193 | 121,443 | 126,672 | 179,393 | 153,470 | 143,567 | 303,606 | 54,543 | 81,344 | 21,697 | 21,054 | |
17 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 108,470 | 98,567 | 132,728 | - | - | - | - | |
170/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 108,470 | 98,567 | 132,728 | - | - | - | - | |
42/48 |
273,495 | 273,745 | 454,745 | 432,978 | 399,130 | 155,493 | 145,891 | 142,143 | 133,443 | 129,193 | 121,443 | 126,672 | 179,393 | 45,000 | 45,000 | 170,878 | 54,543 | 81,344 | 21,697 | 21,054 | |
42 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 70,000 | 20,000 | 20,000 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 45,000 | 45,000 | 170,000 | - | - | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 150,000 | - | - | - | - | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 45,000 | 45,000 | 20,000 | - | - | - | - | |
45 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 551 | 914 | 57 | |
450/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 551 | 914 | 57 | |
47/48 |
273,495 | 273,745 | 454,745 | 432,978 | 399,130 | 155,493 | 145,891 | 142,143 | 133,443 | 129,193 | 121,443 | 126,672 | 179,393 | - | - | 878 | 54,543 | 10,793 | 783 | 997 | |
| Income statement | |||||||||||||||||||||
70 |
- | - | - | - | 119 | 578 | 10,900 | 5,992 | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
-21,929 | -1,576 | -42,048 | -1,647 | -4,072 | -833 | 5,164 | 4,077 | -3,202 | -6,883 | 3,925 | -76,269 | -18,753 | 4,177 | 35,945 | 32,694 | -17,356 | 30,980 | 13,122 | 2,399 | |
60/61 |
- | 1,576 | 19,546 | 1,647 | 4,191 | 1,411 | 5,736 | 1,915 | - | - | - | - | - | - | - | - | - | - | - | - | |
62 |
- | 17,562 | - | 14,097 | 13,967 | 11,956 | 10,425 | 6,363 | 719 | - | - | - | - | 14,056 | 13,950 | 13,820 | 25,590 | 20,924 | 1,001 | 3,512 | |
630 |
- | - | - | - | - | - | - | - | - | - | - | - | 3,358 | 13,432 | 9,235 | 4,197 | 3,198 | 2,359 | 2,359 | 2,541 | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 928 | 989 | - | - | - | |
640/8 |
- | 467 | - | 428 | 513 | 348 | 348 | 348 | 348 | 651 | - | 776 | 941 | - | - | - | - | 798 | 796 | 1,799 | |
9901 |
-21,929 | -19,605 | -42,048 | -16,171 | -18,551 | -13,137 | -5,609 | -2,633 | -4,269 | -7,533 | 3,925 | -77,045 | -23,052 | -23,311 | 12,761 | 13,749 | -47,133 | 6,899 | 8,966 | -5,453 | |
75/76B |
- | - | - | - | - | - | - | - | - | - | - | - | - | 67 | 5 | 48 | - | - | 92 | 84 | |
75 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 67 | 5 | 48 | - | - | 92 | 84 | |
65/66B |
- | - | - | - | - | - | - | - | 48 | 24 | - | 46 | 57 | 59 | 2,997 | 2,114 | - | - | 3 | 10 | |
65 |
- | - | - | - | - | - | - | - | 48 | 24 | - | 46 | 57 | 59 | 2,997 | 2,114 | - | - | 3 | 10 | |
9903 |
-21,929 | -19,605 | -42,048 | -16,171 | -18,551 | -13,137 | -5,609 | -2,633 | -4,317 | -7,557 | 3,925 | -77,091 | -23,109 | -23,303 | 9,770 | 11,683 | -47,133 | 6,899 | 9,056 | -5,379 | |
9904 |
-21,929 | -19,605 | -42,048 | -16,171 | -18,551 | -13,137 | -5,609 | -2,633 | -4,317 | -7,557 | 3,925 | -77,091 | -23,109 | -23,303 | 9,770 | 11,683 | -47,133 | 6,899 | 9,056 | -5,379 | |
9905 |
-21,929 | -19,605 | -42,048 | -16,171 | -18,551 | -13,137 | -5,609 | -2,633 | -4,317 | -7,557 | 3,925 | -77,091 | -23,109 | -23,303 | 9,770 | 11,683 | -47,133 | 6,899 | 9,056 | -5,379 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-371,751 | -349,822 | -330,217 | -288,169 | -271,998 | -253,447 | -240,310 | -234,701 | -232,068 | -227,751 | -220,194 | -224,119 | -147,028 | -123,919 | -100,616 | -110,386 | -122,068 | -74,935 | -81,834 | -90,890 | |
14P |
-349,822 | -330,217 | -288,169 | -271,998 | -253,447 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||||||
The accounts for 13 older financial years (1993-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00475302.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00475302 | |
| 31-12-2024 | micro format | 01-09-2025 | 2025-00464886 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00419423 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00183520 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20355794 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57300554 | |
| 31-12-2019 | micro format | 04-09-2020 | 2020-51200575 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59000215 | |
| 31-12-2017 | micro format | 26-09-2018 | 2018-67400546 | |
| 31-12-2016 | full format | 08-06-2017 | 2017-15900150 | |
| 31-12-2015 | full format | 29-08-2016 | 2016-50200018 | |
| 31-12-2014 | abbreviated format | 25-07-2015 | 2015-35200157 | |
| 31-12-2013 | abbreviated format | 17-06-2014 | 2014-18100511 | |
| 31-12-2012 | abbreviated format | 07-06-2013 | 2013-16200004 | |
| 31-12-2011 | abbreviated format | 19-06-2012 | 2012-18700514 | |
| 31-12-2010 | abbreviated format | 06-05-2011 | 2011-10500306 | |
| 31-12-2009 | abbreviated format | 05-07-2010 | 2010-27500515 | |
| 31-12-2008 | abbreviated format | 05-06-2009 | 2009-19700190 | |
| 31-12-2007 | abbreviated format | 24-04-2008 | 2008-11600116 | |
| 31-12-2006 | abbreviated format | 23-05-2007 | 2007-15600281 | |
| 31-12-2005 | abbreviated format | 06-10-2006 | 2006-83205013 | |
| 31-12-2004 | abbreviated format | 29-01-2007 | 2007-03103112 | |
| 31-12-2003 | abbreviated format | 29-01-2007 | 2007-03103135 | |
| 31-12-2002 | abbreviated format | 29-01-2007 | 2007-03103124 | |
| 31-12-2001 | abbreviated format | 05-09-2002 | 2002-52700299 | |
| 31-12-2000 | abbreviated format | 02-10-2001 | 2001-59600195 | |
| 31-12-1999 | abbreviated format | 28-06-2000 | 2000-28700146 | |
| 31-12-1998 | abbreviated format | 05-07-1999 | 1999-27901502 | |
| 31-12-1997 | abbreviated format | 18-05-1998 | 1998-09704919 | |
| 31-12-1996 | abbreviated format | 13-05-1997 | 1997-07404837 | |
| 31-12-1995 | abbreviated format | 06-05-1996 | 1996-07500090 | |
| 31-12-1994 | abbreviated format | 04-05-1995 | 1995-06903138 | |
| 31-12-1993 | abbreviated format | 17-06-1994 | 1994-15904056 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | - | - | - | -19,694 | -9,879 | 21,995 | 17,946 | -43,935 | 9,258 | 11,325 | -2,912 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | -19,751 | -9,871 | 19,004 | 15,880 | -43,935 | 9,258 | 11,415 | -2,838 | ||
| - | - | - | - | 14,250 | - | - | - | - | 150 | - | - | 1 | 9,234 | 5,037 | 0 | 16,790 | 0 | 0 | - | ||
| -22,179 | -186,230 | 208,541 | -1,841 | 1,994 | -2,833 | -3,151 | 6,067 | -67 | 216 | -284 | -4,139 | - | - | -4,171 | 3,478 | -33,407 | 19,744 | 13,216 | - | ||
| -272,743 | -250,814 | -245,459 | -203,411 | -187,240 | -154,439 | -141,302 | -135,693 | -133,060 | -128,744 | -121,037 | -124,962 | -47,871 | 80,351 | 89,552 | 109,746 | -38,861 | 20,095 | 10,837 | -578 | ||
| - | - | - | - | - | - | -51.5% | -43.9% | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | -103.3% | -77.5% | -76.4% | - | - | - | - | - | - | - | -36.4% | -19.2% | -1.0% | -3.8% | -72.4% | 22.9% | 44.4% | 28.2% | ||
| - | 0.08 | 0.46 | 0.53 | 0.53 | - | - | 0.05 | - | - | - | - | 0.73 | 2.79 | 2.99 | 1.64 | 0.29 | 1.25 | 1.50 | 0.97 | ||
| - | 0.08 | 0.46 | 0.00 | 0.01 | - | - | 0.05 | - | - | - | - | 0.03 | 0.09 | 0.38 | 0.06 | 0.29 | 0.47 | 1.22 | 0.26 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.36 | 1.25 | 2.55 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 28.5% | 52.3% | -65.1% | ||
| - | -84.9% | -18.8% | -6.6% | -8.2% | - | - | -39.9% | - | - | - | - | -17.6% | -18.1% | 6.9% | 4.0% | -149.0% | 6.5% | 23.2% | -18.3% |
EBIT margin. Not meaningful: turnover is only a small part of operating income.
The ratios are withheld because a balance sheet total of €902 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €14,250 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €21,929, larger than the loss of €19,605 in 2024.
Equity is negative. Debt (€273,495) exceeds the balance-sheet total (€902).
IMMORAY has no parent and no holdings in its annual accounts. IMMORAY shares no director with another company.
| OFFICE DU PRET HYPOTHECAIRE DE Belgique
establishment since 01-05-2016 · founded in 1985 |
total assets €4.5m (2022) 0427.563.627 |
| SKY ZONES
registered office since 16-12-2019 · founded in 2019 |
5 FTE (2025) 0739.656.672 |
| ACCO-RENT
registered office since 30-01-2020 · founded in 2020 |
total assets €1.0m (2025) 0742.710.984 |
| CHRIS LENDI SERVICE
registered office since 19-04-2021 · founded in 2021 |
turnover €405,920 (2025) 0766.883.384 |
| MANDALAY 360XP
registered office since 06-11-2018 · founded in 2018 |
total assets €310,927 (2025) 0712.871.113 |
| TM Elec
establishment since 01-04-2021 · founded in 2021 · accounts filed late |
turnover €310,283 (2024) 0765.849.147 |
| AA SERVICES CONSULT
registered office since 01-03-2006 · founded in 2006 |
total assets €238,609 (2025) 0879.538.590 |
| TRAIT D'UNION créateur de mariages
registered office since 15-04-2008 · founded in 2008 |
total assets €215,703 (2025) 0897.282.662 |
| Benelux Europe Group
registered office since 20-05-2019 · founded in 2019 · accounts filed late |
total assets €203,834 (2023) 0726.930.866 |
| Etablissements ENGLEBERT
registered office since 01-04-1978 · founded in 1978 · accounts filed late |
total assets €182,677 (2023) 0418.185.212 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue Charles Jaumotte 31 registered office 1300 Wavre | ||
| Chartilux Avenue de la Cigogne 21, 1300 Wavre 4100302 General construction of other non-residential buildings | 12-03-1993 | 2.061.209.913 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25055C0308/00C003 | 1,756 m² | 1 · 250 m² | 14.0 m · 4 |
| 25055A0400/00B000 | 1,421 m² | 1 · 201 m² | 8.9 m · 2 |
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