Immoroc
Open bankruptcyFinancials · financial year 2022, full format, standalone accounts
Annual accounts 2022 filed on 13-07-2023 PDF Consolidated accounts 2022 (PDF) all 66 filings
Turnover
€6.6m▼ 2.2%
2021 · €6.7m
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€13.3m
2021 · €1.7m
Working capital
-€74.2m▼ 20.0%
2021 · -€61.8m
Multi-year overview
2018 to 2022, 5 financial yearsTurnover
€6.6m
▼ 2.2%
2022
20182022
Operating result
-€10.3m
2022
20182022
Net result
-€13.3m
2022
lowest quarter of the sector
20182022
Equity
€53.6m
▼ 19.9%
2022
highest quarter of the sector
20182022
Total assets
€136.4m
▼ 6.6%
2022
highest quarter of the sector
20182022
Debt
€82.8m
▲ 4.7%
2022
20182022
Working capital
-€74.2m
▼ 20.0%
2022
lowest quarter of the sector
20182022
Solvency
39.3%
▼ 6.6pp
2022
middle half of the sector
20182022
Current ratio
0.01
▼ 0.12
2022
lowest quarter of the sector
20182022
Return on assets (ROA)
-9.8%
▼ 10.9pp
2022
lowest quarter of the sector
20182022
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022
Turnover€6.7m-€6.7m▼ 1.2%€6.7m▲ 0.4%€6.7m▲ 0.9%€6.6m▼ 2.2%
Operating result€6.3m-€5.1m▼ 18.7%€5.2m▲ 3.0%€5.6m▲ 7.6%-€10.3m
Net result€0.4m--€0.4m-€138.5mbelow the sector's middle half▼ 32,450%€1.7mabove the sector's middle half-€13.3mbelow the sector's middle half
Equity€161.3m-€160.9m▼ 0.3%€20.3mabove the sector's middle half▼ 87.4%€66.9mabove the sector's middle half▲ 229%€53.6mabove the sector's middle half▼ 19.9%
Total assets€283.8m-€283.2m▼ 0.2%€143.7mabove the sector's middle half▼ 49.2%€146.0mabove the sector's middle half▲ 1.6%€136.4mabove the sector's middle half▼ 6.6%
Debt€122.5m-€122.3m▼ 0.2%€123.4m▲ 0.9%€79.1m▼ 35.9%€82.8m▲ 4.7%
Working capital-€60.4m--€104.9m▼ 73.8%-€109.4mbelow the sector's middle half▼ 4.3%-€61.8mbelow the sector's middle half▲ 43.5%-€74.2mbelow the sector's middle half▼ 20.0%
Solvency56.8%-56.8%=14.1%within the sector's middle half▼ 42.7pp45.8%within the sector's middle half▲ 31.7pp39.3%within the sector's middle half▼ 6.6pp
Current ratio0.07-0.05▼ 0.020.06below the sector's middle half▲ 0.010.14below the sector's middle half▲ 0.080.01below the sector's middle half▼ 0.12
Return on assets (ROA)0.1%--0.2%▼ 0.3pp-96.3%below the sector's middle half▼ 96.2pp1.2%within the sector's middle half▲ 97.5pp-9.8%below the sector's middle half▼ 10.9pp
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 2022 is a loss of €10.3m, after a profit of €5.6m in 2021. It is the lowest result since 2018.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €136.4m
Fixed assets
€135.3m ▼ 0.6%
Current assets
€1.1m ▼ 88.8%
Equity and liabilities €136.4m
Equity
€53.6m ▼ 19.9%
Debt
€82.8m ▲ 4.7%
Debt's share of the balance-sheet total rises from 54.2% to 60.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9.5m▼
2021 · €6.5m
Cash flow
-€12.6m▼
2021 · €2.6m
Debt to equity
1.55▲
2021 · 1.18
ROE
-24.9%▼
2021 · 2.5%
Interest coverage
-3.11▼
2021 · 2.14
Debt ≤ 1 year
€75.3m▲
2021 · €71.8m
Debt > 1 year
€5.0m=
2021 · €5.0m
Customer credit
2 days▼
2021 · 491 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 |
|---|---|---|
| Mortgages, amount registered | €67.2m | €67.2m |
| Carrying value of the mortgaged assets | €9.0m | €8.2m |
| Pledge on other assets, amount secured | €5.0m | €5.0m |
| Carrying value of the other pledged assets | €5.0m | €5.0m |
Source: notes to the 2021 to 2022 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 2021 | 2022 |
|---|---|---|
| Fee for the audit | €11,015 | €13,000 |
| Other work by the auditor | €19,000 | - |
Source: notes to the 2021 to 2022 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €7.2m | €6.7m | ▼ 6.2% |
| Turnover70 | €6.7m | €6.7m | €6.7m | €6.7m | €6.6m | ▼ 2.2% |
| Non-recurring operating income76A | - | - | - | €0.4m | €0.1m | ▼ 67.7% |
| Operating charges60/66A | - | - | - | €1.6m | €17.0m | ▲ 994% |
| Services and other goods61 | - | - | - | €0.3m | €0.3m | ▲ 6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.0m | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.02m | -€0.01m | ▲ 38.9% |
| Other operating charges640/8 | - | - | - | €0.4m | €0.5m | ▲ 3.4% |
| Non-recurring operating charges66A | - | - | - | - | €15.5m | - |
| Operating profit (loss)9901 | €6.3m | €5.1m | €5.2m | €5.6m | -€10.3m | - |
| Recurring financial income75 | - | €287 | €190 | - | - | - |
| Financial charges65/66B | - | - | - | €3.0m | €3.1m | ▲ 1.0% |
| Recurring financial charges65 | €5.3m | €5.3m | €5.3m | €3.0m | €3.1m | ▲ 1.0% |
| Debt charges650 | €5.3m | €5.3m | €5.3m | €3.0m | €3.1m | ▲ 1.0% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | ▼ 8.0% |
| Profit (loss) for the period before taxes9903 | €1.0m | -€0.2m | -€138.2m | €2.6m | -€13.3m | - |
| Income taxes67/77 | €0.6m | €0.2m | €0.2m | €0.9m | - | - |
| Taxes670/3 | - | - | - | €0.9m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €399 | - | - |
| Profit (loss) for the period9904 | €0.4m | -€0.4m | -€138.5m | €1.7m | -€13.3m | - |
| Profit (loss) for the period to be appropriated9905 | €1.1m | -€0.4m | -€138.5m | €1.7m | -€13.3m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €283.8m | €283.2m | €143.7m | €146.0m | €136.4m | ▼ 6.6% |
| Fixed assets21/28 | €279.4m | €278.2m | €137.0m | €136.0m | €135.3m | ▼ 0.6% |
| Tangible fixed assets22/27 | €12.6m | €11.5m | €10.5m | €9.6m | €8.8m | ▼ 7.9% |
| Land and buildings22 | - | - | - | €9.3m | €8.6m | ▼ 8.1% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.3m | = |
| Financial fixed assets28 | €266.7m | €266.7m | €126.5m | €126.5m | €126.5m | = |
| Affiliated companies280/1 | - | - | - | €126.5m | €126.5m | = |
| Participating interests280 | - | - | - | €126.5m | €126.5m | = |
| Other financial fixed assets284/8 | - | - | - | €1 | €1 | = |
| Shares284 | - | - | - | €1 | €1 | = |
| Current assets29/58 | €4.5m | €5.0m | €6.8m | €10.0m | €1.1m | ▼ 88.8% |
| Amounts receivable within one year40/41 | €3.6m | €3.5m | €6.2m | €9.1m | €0.04m | ▼ 99.5% |
| Trade receivables40 | - | - | - | €9.1m | €0.04m | ▼ 99.5% |
| Cash at bank and in hand54/58 | €0.7m | €1.4m | €0.5m | €0.9m | €1.1m | ▲ 25.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €283.8m | €283.2m | €143.7m | €146.0m | €136.4m | ▼ 6.6% |
| Equity10/15 | €161.3m | €160.9m | €20.3m | €66.9m | €53.6m | ▼ 19.9% |
| Contributions10/11 | €48.7m | €48.7m | €48.7m | €93.6m | €93.6m | = |
| Capital10 | - | - | - | €69.9m | €69.9m | = |
| Issued capital100 | - | - | - | €69.9m | €69.9m | = |
| Contributions outside capital11 | - | - | - | €23.7m | €23.7m | = |
| Share premium1100/10 | - | - | - | €23.7m | €23.7m | = |
| Revaluation surpluses12 | - | - | - | €19.7m | €19.7m | = |
| Reserves13 | €95.3m | €95.3m | €95.3m | €95.3m | €95.3m | = |
| Non-distributable reserves130/1 | - | - | - | €5.3m | €5.3m | = |
| Legal reserve130 | - | - | - | €4.9m | €4.9m | = |
| Other1319 | - | - | - | €0.5m | €0.5m | = |
| Tax-exempt reserves132 | - | - | - | €1.8m | €1.8m | = |
| Distributable reserves133 | - | - | - | €88.2m | €88.2m | = |
| Profit (loss) carried forward14 | -€4.5m | -€4.9m | -€143.4m | -€141.7m | -€155.0m | ▼ 9.4% |
| Amounts payable17/49 | €122.5m | €122.3m | €123.4m | €79.1m | €82.8m | ▲ 4.7% |
| Amounts payable after more than one year17 | €57.7m | €12.4m | €5.0m | €5.0m | €5.0m | = |
| Financial debts170/4 | - | - | - | €5.0m | €5.0m | = |
| Other loans174 | - | - | - | €5.0m | €5.0m | = |
| Amounts payable within one year42/48 | €64.8m | €109.8m | €116.1m | €71.8m | €75.3m | ▲ 4.9% |
| Trade debts44 | €0.01m | €0.02m | €0.02m | €0.02m | €0.06m | ▲ 222% |
| Suppliers440/4 | - | - | - | €0.02m | €0.06m | ▲ 222% |
| Taxes, remuneration and social security45 | - | - | - | €0.9m | €0.005m | ▼ 99.5% |
| Taxes450/3 | - | - | - | €0.9m | €0.002m | ▼ 99.8% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.003m | = |
| Other amounts payable47/48 | - | - | - | €70.9m | €75.3m | ▲ 6.2% |
| Accrued charges and deferred income492/3 | - | - | - | €2.3m | €2.5m | ▲ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | -€0.4m | -€138.5m | €1.7m | -€13.3m | - |
| + Depreciation and write-downs630 | €1.0m | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 13.2% |
| Operating cash flow (approximation) | €1.4m | €0.6m | -€137.5m | €2.6m | -€12.6m | - |
| Investment in fixed assets (approximation) | - | €0.2m | €140.3m | €0.07m | €0 | ▼ 100% |
| Change in cash | - | €0.7m | -€0.9m | €0.3m | €0.2m | ▼ 36.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 66 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2022 | consolidated | 17-07-2023 | 2023-00247252 | |
| 31-12-2022 | full format | 13-07-2023 | 2023-00246862 | |
| 31-12-2021 | full format | 07-07-2022 | 2022-20187196 | |
| 31-12-2021 | consolidated | 07-07-2022 | 2022-20186528 | |
| 31-12-2020 | consolidated | 02-07-2021 | 2021-32900498 | |
| 31-12-2020 | full format | 02-07-2021 | 2021-32900442 | |
| 31-12-2019 | full format | 08-07-2020 | 2020-29800502 | |
| 31-12-2019 | consolidated | 08-07-2020 | 2020-29800518 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-28100050 | |
| 31-12-2018 | consolidated | 27-06-2019 | 2019-28100290 |